Adani Stocks Add Over Rs 51,000 Crore In Investor Wealth On Multiple Triggers
Shares of Adani Ports and Special Economic Zone also hit a record high during the day.
Shares of all the Adani Group companies advanced on Monday on multiple triggers, which led to an over Rs 67,000-crore intraday rise in investors' wealth.
Adani Ports and Special Economic Zone Ltd.'s shares hit a record high after it reported its highest-ever monthly cargo volume of over 38 million tonne in March.
India’s largest ports and logistics company handled 420 MT cargo in financial year 2024, a 24% year-on-year growth, with domestic ports contributing over 408 MT of cargo, according to an exchange filing on Monday.
Jefferies India Pvt. said Adani Enterprises Ltd.'s greenfield copper refinery project marks its entry into another new business. "The full project, once commissioned, will be one of the largest single-location custom smelters in the world," it said in a note on March 31.
The brokerage maintains a 'buy' rating on the Adani Group flagship company, with a target price of Rs 3,800 apiece, implying a potential upside of 19% from the current price.
Adani Total Energies Biomass Ltd. has started production of compressed biogas from phase 1 of its Barsana plant in Uttar Pradesh's Mathura district. ATBL is a wholly owned subsidiary of Adani Total Gas Ltd.
Adani Group stocks added as much as Rs 61,938.2 crore in investor wealth on Monday, taking their total market capitalisation to approximately Rs 16.4 lakh crore during the day.
As of 3:30 p.m., the stocks added Rs 51,774 crore to investor wealth at a market capitalisation of Rs 16.28 lakh crore.
Shares of Adani Energy Solutions Ltd. rose over 8%, while Adani Power Ltd., Adani Wilmar Ltd. and Adani Total Gas Ltd. advanced over 5% each on the NSE. This is compared with a 0.61% rise in the Nifty 50 as of 3:30 p.m. Shares of Adani Ports also hit a new life high of Rs 1,379.7 apiece on Monday.
Disclaimer: NDTV is a subsidiary of AMG Media Networks Ltd, an Adani Group Company.