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Notwithstanding the hit by short-seller Hindenburg Research and billionaire George Soros-funded Organised Crime and Corruption Reporting Project, Adani Group companies market capitalisation surpassed the ₹11-lakh crore-mark on Friday on back of consistent value buying from both domestic and international investors.
The ports to power conglomerate added ₹7,039 crore to its market cap on Friday, taking the total market value of its 10 listed companies to ₹11.02-lakh crore against ₹10.96-lakh crore on Thursday.
Adani Group stocks have recovered significantly from post-Hindenburg lows adding nearly ₹5-lakh crore in market cap since early March.
Growth drivers
Analysts attribute the stock’s climb to continued buying interest in the face of the group’s strategic focus, initiatives on fundraising and continued execution on development in its infrastructure and power businesses amid rising demand for energy.
Most retail investors are impressed by the Group’s ability to attract huge equity investment of large foreign institutional investors despite the turbulent times, said an analyst.
Power is expected to be a major theme in the coming years as India’s demand for energy increases significantly on the back of strong domestic economic growth, he said.
Shares of Adani Power were in the limelight surging three per cent on Friday touching a 10-month high of ₹369 and surpassing the last November levels. The stock witnessed robust buying interest and the rally is reflective of the positive sentiment around the company’s operational performance and strategic initiatives.
Adani Ports and SEZ was up two per cent in market value pushing its market price to ₹825 and its market value was over ₹1.78-lakh crore-mark.
Adani Enterprises, the group’s flagship, rose marginally to close at ₹2,519 and its valuation crossed the ₹2.87-lakh crore-mark; while Adani Wilmar and Adani Green Energy were up marginally at ₹355 and ₹1,001. NDTV increased 0.45 per cent to ₹213.
Some of the shares that ended in red include ACC (-0.82 per cent), Ambuja Cements (-0.08 per cent), Adani Total Gas (-0.32 per cent) and Adani Transmission (-0.65 per cent).
The 10-listed companies are targeting an EBITDA of over ₹90,000 crore in the next 2-3 years from ₹23,532 crore currently.
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