Adani Group Regains Market Capitalisation Of Rs 11 Lakh Crore
Five out of 10 Adani Group entities posted gains on Friday including Adani Enterprises, Adani Ports and SEZ, and Adani Wilmar.
Adani Group regained market capitalisation of Rs 11 lakh crore as the conglomerate's stocks continued to recover with the market shrugging off allegations of OCCRP.
The Gautam Adani-owned group added Rs 7,039 crore to its market capitalisation on Friday, according to closing prices on Bombay Stock Exchange. This takes the total market value of its 10 listed companies to Rs 11.03 lakh crore, up from Rs 10.96 lakh crore on Thursday.
Shares of Adani Enterprises Ltd. recovered from the day's lows to 3.38%—its highest level on Friday—followed by a recovery of 1.38% in Adani Ports and Special Economic Zone Ltd.
Group stocks fell on Aug. 31 amid allegations of "opaque" trading by a report released by the Organized Crime and Corruption Reporting Project. The group called them "recycled allegations" based on closed cases from a decade ago.
After the initial reaction on the day the report was released, there was no follow through selling in the Adani Group stocks.
Shares of Adani Power were in the limelight on Friday, rising 2.88% to a 10-month high of Rs 369.15.
Five out of 10 Adani Group entities posted gains on Friday, including Adani Enterprises, Adani Ports and Special Economic Zone Ltd., and Adani Wilmar Ltd.
Adani Ports saw a 1.86% uptick to Rs 825 per share, with its market value at Rs 1.78 lakh crore mark. The company has been setting new records in cargo handling.
Adani Enterprises, the group's flagship, rose 0.39% on Friday to close at Rs 2,519.30, with its valuation crossing Rs 2.87 lakh crore.
Disclaimer: AMG Media Networks Ltd. currently owns 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL