Adani Group Companies Continue Gaining Momentum

Adani Group Companies Continue Gaining Momentum

VoM News Desk | December 7, 2023 | 12:22 PM IST | Breaking News | Follow on Google News

Adani Group Companies Continue Gaining Momentum

Adani Group Companies Continue Gaining Momentum

In morning trades on Thursday, Gautam Adani-led companies, including Ambuja Cement, New Delhi Television Ltd, and ACC Ltd, continued to add to their gains, even as benchmark indices traded in the red. The combined market capitalization of the 10 Adani group listed companies increased by about ₹27,316 Crore.

Boost in Investor Confidence

Investor confidence received a boost after US government agencies found the allegations leveled by Hindenburg against the Adani group as irrelevant and unsubstantiated. Adani Total Gas Ltd emerged as the largest gainer among the Adani group of companies, with its stock prices gaining up to 9.98%. Adani Green Energy also saw its share price rise around 8.6%, while Adani Power and Adani Ports and Special Economic Zone stood among prominent gainers with their share prices seeing smart gains of more than 2% in the opening session.

Performance of Specific Companies

• Adani Total Gas Ltd: The stock touched intraday highs and was trading with gains of more than 8%.
• Adani Green Energy: Initially rose around 8.6% but settled lower as frontline indices saw pressure, currently trading with gains of slightly more than 3%.
• Adani Power: Share price has risen 325% since lows in February, surpassing its pre-Hindenburg report levels.
• Ambuja Cement: Share price opened with gains of more than 1%.
• New Delhi Television Ltd (NDTV): Touched intraday highs of ₹300, up more than 5%, and was trading at ₹285 levels thereafter.

Business Progress and Positive News Flow

• Adani Ports and SEZ recorded a cargo value of 36MMT in November ’23, marking a 42% YoY growth.
• Ambuja Cement completed the acquisition of Sanghi Cement.
• Adani Power announced the co-firing of Green Ammonia at its Mundra Plant for a sustainable future.

Board Meeting and Future Plans

A meeting of the board of directors of Adani Ports is scheduled for December 12, 2023, to consider the proposal for the issuance of Non-Convertible Debentures and issuance/renewal of non-cumulative redeemable preference shares.

The Adani group companies have rebounded significantly from their lows, with strong news flow and progress in their business ventures.

Adani Group Companies Continue Gaining Momentum: For any query or rectification of any error, Click

VoM News Desk

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