Akash Jha
Billionaire Gautam Adani’s ports to power conglomerate added over Rs 45,200 crore in market capitalisation in a single day on Friday as shares of all 10 listed group firms surged after global investors showed renewed interest in the group. According to data from the stock exchange, the combined market value of the ten companies that make up the Adani Group rose to Rs 10.96 lakh crore on Friday. As of Thursday night’s close, the total value of the stock market was Rs 10.51 lakh crore.
Market analysts attribute the recent stock price increase to renewed interest from international buyers, who have seemingly forgotten about the recent Deloitte scandal. Adani Group stocks have been consolidating over the past few days. New developments and data points have been analysed by the market.
“In addition, there is a robust sentiment of confidence in the group’s operational capabilities, as fundraising at the group level remains robust and project execution is proceeding without a hitch. The head of research at a domestic brokerage firm predicted that the stocks would rise in the near future.
The promoters’ efforts to gain investors’ trust included diluting their stake in the company by about Rs 45,000 crores (Rs 38,700 crore from GQG, Rs 4100 crore from QIA, and Rs 1,440 from Bain Capital), he said.
Because of recent stake sales to long-term investors like GQG Partners and Qatar Investment Authority, the promoter group is in a strong financial position. Everything to worry about is now in the past, whether it was the Hindenburg or Deloitte,” he continued. Notable gainers among the ten Adani portfolio stocks were Adani Power, Adani Green Energy, Adani Wilmar, and Adani Energy Solutions (formerly Adani Transmission). Gains of 6.34 percent were recorded by Adani Power, 6.71 percent by Adani Green Energy, and 6 percent by Adani Energy Solutions.
The group’s namesake company, Adani Enterprises, rose in value by 3.93 percent, to a total of Rs 2,93,789 crore. Adani Ports and Adani Total Gas were among the other gainers on Friday, with their share prices increasing by 3.2 percent and 3.2 percent, respectively. Analysts also attribute the recent surge in Adani Group’s market value to the robust fundraising efforts done by the group following the Hindenburg report.
The Adani Group has raised funds from global investors in several rounds. Among them is GQG Partners which spent nearly $4 billion in multiple group companies since March. GQG Partners invested nearly $1.1 billion in Adani Power in a series of block agreements on Wednesday.
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