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Adani Group shares rally sharply; Adani Power zooms nearly 18%

Adani Group companies posted a record 45% rise in pre-tax profit to Rs 82,917 crore about Rs 83,051 crore ($10 billion) in FY24 as the apples-to-airport conglomerate made a massive comeback.
Last Updated : 03 June 2024, 06:47 IST
Last Updated : 03 June 2024, 06:47 IST

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New Delhi: Shares of all Adani Group companies continued their sharp rally on Monday morning, with Adani Power surging nearly 18 per cent, in line with a massive surge in the equity market.

The stock of Adani Power zoomed 17.67 per cent to a record high of Rs 890.40 on the BSE.

Shares of Adani Total Gas soared 15.28 per cent, Adani Green Energy surged 13.49 per cent, Adani Ports rallied 11.84 per cent and Adani Energy Solutions climbed 11.23 per cent.

The group's flagship firm Adani Enterprises jumped 9.71 per cent.

The stock of NDTV climbed 10.84 per cent, Adani Wilmar advanced 7.34 per cent, ACC shot up by 6.72 per cent and Ambuja Cements advanced 6.58 per cent.

Many group firms hit their record peaks in morning trade.

The 30-share BSE Sensex jumped 2,777.58 points or 3.75 per cent to hit a record peak of 76,738.89 in early trade.

Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for a third straight term, with the BJP-led NDA expected to win a big majority in the Lok Sabha polls.

The counting of votes will take place on June 4.

Shares of all Adani Group companies surged on Friday by up to 14 per cent after US brokerage Jefferies put a bullish view on the group that is back to an expansion spree with a planned Rs 7,47,540 crore ($90 billion) capital expenditure over the next decade.

An addition of Rs 84,064 crore in market value took the market capitalisation of 10 Adani group listed firms to Rs 17.51 lakh crore at the close of trading on Friday.

Adani Group companies posted a record 45 per cent rise in pre-tax profit (EBITDA) to Rs 82,917 crore about Rs 83,051 crore ($10 billion) in FY24 as the apples-to-airport conglomerate made a massive comeback, the group said on Sunday.

Emerging from a damning report of a US short seller, which hit the market value of its listed companies, Adani Group in 2023-24 focused on containing debt, reducing founder share pledge and consolidating the business in core competencies. The five-year compound annual growth rate (CAGR) for profit growth was 54 per cent.

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Published 03 June 2024, 06:47 IST

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