Shares of Adani Group companies ended mixed on Tuesday as the conglomerate stocks sustain momentum on positive analyst commentary after the Supreme Court ruled out fresh probe into the short-seller case.
Adani Energy Solution Ltd. and Adani Ports were the top gainers. Adani Enterprises Ltd. ended over 1%.
Adani Group stocks added as much as Rs 49,881.10 crore in investor wealth, taking their total market capitalisation to Rs 15.57 lakh crore, intraday.
At 3:30 p.m., the shares added Rs 12,282 crore in market value, taking the market capitalisation to Rs 15.19 lakh crore.
Adani Ports continued its stock rally after Citi Research raised the target price to Rs 1,368 from Rs 1,213, implying an upside of 13.06%.
"With the final Supreme Court judgement on the short-seller case a few days ago, the controversy is behind us," Citi said in its Jan. 7 note. "This, combined with good cash flows and improving leverage, should drive stock price performance."
The group also signed a memorandum of understanding to invest over Rs 42,700 crore in Tamil Nadu.
The MoUs were inked at the Tamil Nadu Global Investors Meet 2024 on Monday in the presence of Chief Minister MK Stalin and Adani Ports and Special Economic Zone Ltd. Managing Director Karan Adani.
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