Shares of Adani Group companies rallied in intraday trade on Friday, with Adani Total Gas Ltd. leading the pack as most group counters traded higher amid renewed buying interest.
Adani Total Gas rose 7.04% to Rs 750, the strongest gain among the group stocks. Adani Green Energy Ltd. advanced 4.05% to Rs 1,546, while Adani Energy Solutions Ltd. climbed 4.03% to Rs 1,683.80.
The group's flagship company, Adani Enterprises Ltd., gained 2.88% to Rs 3,172.50. The company has recently increased the size of its qualified institutional placement to Rs 15,000 crore after receiving strong investor demand for the share sale.
Among other group counters, Adani Ports and Special Economic Zone Ltd. rose 2.93% to Rs 1,852.90, while cement stocks also joined the rally. Ambuja Cements Ltd. gained 2.95% to Rs 440.80, and ACC Ltd. was up 2.47% at Rs 1,395. Adani Power Ltd. advanced 1.98% to Rs 220.60, while New Delhi Television Ltd. (NDTV) rose 2.54% to trade at Rs 84.80.
Stock market benchmark indices Sensex and Nifty surged in early trade on Friday. The stocks are also riding a broader market optimism, with equities benefiting from improving global risk sentiment and expectations of easier monetary condition.
Adani Stocks Rally
Adani Stocks Rally
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Adani Enterprises Ltd's copper unit, Kutch Copper Ltd (KCL), has secured London Metal Exchange (LME) registration for its 'Adani Copper' Grade A cathodes, allowing the brand to be delivered against LME copper futures contracts from Friday. The approval makes Adani Copper an LME Good Delivery brand, placing it among producers whose cathodes meet the exchange's quality and responsible sourcing standards. Warrants for eligible Adani Copper cathodes can be issued from July 10.
The ESG rating of Adani Green Energy Limited was recently reviewed by CRISIL ESG Ratings & Analytics Limited and have assigned the overall ESG rating of 'Crisil ESG 69' and a Core ESG rating of 'Crisil Core ESG 65' stating that the Company continues to be placed under the 'Strong' ESG rating category.
ALSO READ: Adani Group's Kutch Copper Secures London Metal Exchange Brand Registration
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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