In the trading week ending on December 8, the Adani group’s market capitalisation gained ₹3.15 lakh crore ($37.7 billion), the highest weekly rise this year, driven by favourable news and positive sentiments.

The group’s market cap is currently at ₹14.4 lakh crore and is rapidly approaching the ₹15 lakh crore (nearly $180 billion) mark. On December 1, the group’s market capitalisation was at ₹11.22 lakh crore.

The highest weekly gain of ₹83,000 crore was recorded by Adani Green Energy, which recently raised $1.36 billion in construction facilities from a consortium of international banks.

Group’s flagship company Adani Enterprises recorded a gain of over ₹52,000 crore during the week under review. Adani Total Gas’ market cap gained ₹50,000 crore during the week while that of Adani Ports and Special Economic Zone gained over ₹42,000 crore.

There have been quite a few triggers for the group stocks’ rally as a whole as well as for individual companies.

In the last week of November, the Supreme Court reserved order on the Adani-Hindenburg case. The top court is hearing four petitions related to the allegations made by Hindenburg Research which alleged market manipulation and other malpractices by the Adani group. The SC said that it cannot be assumed that the Hindenburg report on Adani was factually correct.

In the same week, Adani group’s Chief Financial Officer Jugeshinder Singh said at an industry event that the group plans to invest around ₹7 lakh crore over ten years with most of the capex funds being generated internally. He also said that the group would be accessing the domestic bond markets more.

A whole host of international banks including DBS, BNP Paribas, Standard Chartered and Société Générale were involved in extending loans to Adani Green for a renewable energy complex in Gujarat, attesting to their confidence in the group. Last week the stocks got a further fillip when a US agency, US International Development Finance Corp, which advanced over $500 million to Adani Ports for a container terminal in Sri Lanka, brushed aside the allegations made by Hindenburg saying that they were not relevant.

Perhaps the biggest contributor to the group’s performance in the stock markets was the ruling party BJP’s wins in the recent assembly election, making it more of a certainty that the party would return to power in the general elections next year.

The group’s stated aim is to be a big infrastructure player in the country and on Saturday it rejigged its top management and brought in Bimal Dayal from Adani Energy Solutions to head Adani Infrastructure, which handles all major infrastructure development activities under Adani Enterprises.