The Adani Group has bounced back with a resounding surge in its market capitalization, reclaiming its pre-Hindenburg levels, following two significant rallies in the Indian indices.
The conglomerate’s market capitalization for its 10 listed portfolio companies experienced a remarkable ascent, surpassing Rs 18.5 lakh crore after witnessing a surge of over Rs 2 lakh crore on Monday.
The market rejoiced as all Adani Group companies saw their stock prices soar right from the opening bell.
Flagship entity Adani Enterprises led the pack with a staggering surge of over 9 percent, while Adani Ports and Special Economic Zone reached a lifetime high with a 10 percent rise.
This bullish sentiment extended to other entities within the group, with shares of Adani Power, Adani Total Gas, Adani Wilmar, and Adani Green Energy all experiencing notable gains.
Nirav Sheth, the CEO of Institutional Equities at Emkay Global Financial Services Ltd, commended the Adani Group’s exceptional execution capacity, particularly in the infrastructure sector.
Sheth noted, “That (infrastructure sector) is where the entire thrust is going to be and where there is capacity to do large-scale construction.”
The upbeat performance of Adani Group companies continued from Friday, where they also witnessed a remarkable 10 percent surge in stock prices.
SC Verdict Paves The Way For Resilient Comeback & Ambitious Expansion
Earlier this year, the Supreme Court delivered a decisive verdict in favor of the Adani Group, dismissing all allegations and reaffirming confidence in SEBI’s regulatory oversight.
The apex court’s ruling rejected the transfer of the Adani-Hindenburg probe to a special investigation team, citing insufficient evidence provided by petitioners.
Despite the setback encountered from the short-seller report in late FY23, the Adani Group has exhibited remarkable resilience, transforming the setback into a notable comeback.
Buoyed by solid performance across its businesses, the group is now embarking on an ambitious expansion trajectory, with a reported $90 billion capital expenditure planned over the next decade, according to a Jefferies report.
The resurgence of the Adani Group underscores its robust operational capabilities and strategic vision, positioning it favorably for sustained growth and value creation in the market.
Also Read: Mother Dairy Raises Milk Prices Across All Variants Due To Input Cost Surge
To read more such news, download Bharat Express news apps
