Adani group stocks in heavy demand; Adani Green Energy jumps 9 pc

Adani group shares extended gains on Monday amid a record breaking rally in the broader market following state poll results, taking the total market valuation of group companies to close Rs 12 lakh crore mark.

Adani group shares extended gains on Monday amid a record breaking rally in the broader market following state poll results, taking the total market valuation of group companies to close Rs 12 lakh crore mark. Adani Green Energy zoomed 9.43 per cent to close at Rs 1,123.35 apiece, Ambuja Cements rallied 7.32 per cent to Rs 474.45, flagship firm Adani Enterprises advanced 7.07 per cent to end at Rs 2,529.30, and ACC jumped 6.26 per cent at Rs 2,019.35 per piece.

Adani Ports and Special Economic Zone (APSEZ) bounced 6.19 per cent to finish at Rs 878.75 apiece, Adani Power climbed 5.54 per cent at Rs 464.60, Adani Energy Solutions jumped 5.40 per cent to close at Rs 902.20 per share.

Also, shares of Adani Total Gas rose 4.41 per cent to settle at Rs 732.15, NDTV gained 2.99 per cent to close at Rs 225.60, and Adani Wilmar went up 1.72 per cent to finish at Rs 346.30 on the bourse.

During the day, the combined market capitalisation of all the listed firms of Adani group hit the Rs 12 lakh crore-mark.

This was the first time that the group stocks hit the Rs 12 lakh crore mark after facing a rout early this year following a report by US short seller Hindenburg Research that alleged financial wrongdoing and stock manipulation by the conglomerate.

However, the company denied all the allegations.

The combined market valuation of all the 10 firms soared to Rs 11.95 lakh crore at close on Monday. It stood at around Rs 11.22 lakh crore at the close of trading on Friday. Thus, the combined market valuation of all the 10 firms went up by about Rs 72,861 crore on Monday.

The rally in all the 10 listed group companies mirrored the broader upswing in the domestic markets, fuelled by optimism regarding the BJP government's returning to power in 2024 after the party's victory in three Hindi heartland states which boosted the investors' sentiment.

Stock prices of Adani group companies have been on the rise since last week after the Supreme Court on November 24 reserved its verdict on a batch of petitions seeking examination of allegations of fraud against the conglomerate.

In the equity markets, BSE Sensex jumped 1,383.93 points, or 2.05 per cent, to close at a lifetime high of 68,865.12, while Nifty also climbed 418.90 points to hit its all-time closing high of 20,686.80.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)