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Adani Group stocks gain on bourses

Adani Group stocks were gainers on the bourses on Saturday and though they came off their day’s highs, eventually ended up in the range of 0.6-8 per cent, even as the benchmark indices ended on a weak note.

The biggest gainer in the pack was Adani Energy Solutions that ended nearly 8 per cent higher, after having risen 9.5 per cent during the day. The other big gainer was Adani Green Energy which ended 6.9 per cent higher at ₹1,678.30, off the day’s peak of ₹1,700.

Adani Total Gas also ended up 5.8 per cent higher, while Adani Enterprises, Adani Ports and Special Economic Zone and Adani Power rose 3.5-3.8 per cent.

Off to a good start

The group’s stocks have got off to a brisk start this year with gains ranging from 2.2 to 16.5 per cent to date.

Reports show that retail investors have been increasing their exposure to the stock in the December quarter as has GQG Partners.

At the World Economic Forum, the group signed several agreements, worth over ₹60,000 crore, with the government of Maharashtra and Telangana to set up several projects in the two States. These have sent out positive signals about the group.

The market capitalisation of the group crossed ₹15-lakh crore early this year following the clean chit given by the Supreme Court in the Hindenburg case. The worst seems to be over for the group as far as this particular case is concerned and the company management now seems to have set its focus on making good on all the infrastructure projects on which it has embarked.

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