Most of the Adani Group stocks posted modest gains on Tuesday after the flagship Adani Enterprises Ltd (AEL) follow-on public offer (FPO) was subscribed fully. Barring three, all other Adani Group stocks outperformed the benchmark indices on Tuesday.
AEL gained 2.8 per cent to end at ₹2,973.90 on the NSE with heavy volumes of over 1.1 crore shares. The stock closed 4 per cent below the lower band of the FPO price of ₹3,112 per share. However, the stock has lost from its last week’s peak of ₹3,405 on January 25 and tested a low of ₹2,736.10 on January 27 before bouncing back.
Adani Transmission gained the most — 3.85 per cent — to close at ₹1,774, while the group’s cement arms ACC and Ambuja Cements gained 3.37 per cent and 3.54 per cent respectively to end at ₹1,968.30 and ₹401.20, respectively. The Nifty stock from the Adani portfolio, Adani Ports and Special Economic Zone, gained 2.62 per cent to end at ₹612.65 with 3.3 crore shares changing hands.
Under severe selling pressure in the previous sessions, Adani Green Energy and NDTV made strong recovery and ended in green with gains of 2.94 per cent and 1.87 per cent, respectively, to close at ₹1,223.90 and ₹248.10 on the NSE.
Among other Adani stocks that remained under selling pressure were Adani Power (down 4.99 per cent), Adani Wilmar (down 5 per cent) and Adani Total Gas (down 10 per cent). Only sellers were at the counters that hit the lower circuit since the opening of the trades.