Adani Group stocks continued their impressive performance on the morning of December 7, reaching new highs and pushing the market capitalization of the conglomerate above Rs 15 lakh crore. Adani Total Gas Ltd led the gains, hitting a 10 percent upper circuit to achieve a fresh 52-week high of Rs 1,158.60 on the National Stock Exchange (NSE). This surge marked an approximately 163 percent increase from its 52-week low on February 28, 2023, following a report by American short-seller Hindenburg Research.
Adani Green Energy also experienced a notable 7 percent increase, reaching Rs 1,700, while Adani Energy Solutions and Adani Wilmar saw gains of over 4 percent amid reports of the group and Singapore’s Wilmar International considering selling part of their stake in a consumer-staple joint venture.
The positive momentum in Adani stocks began after the Supreme Court questioned doubts regarding the Securities and Exchange Board of India’s probe into the Adani-Hindenburg matter in late November. The rally received further support when a recent report revealed that the US government did not find Hindenburg Research’s allegations of corporate fraud against the conglomerate relevant. Additionally, the group’s plan to invest Rs 7 lakh crore in capital expenditure over the next decade and Adani Green Energy securing a $1.36 billion loan further contributed to the positive sentiment.
Shares of flagship firm Adani Enterprises were trading positively at around Rs 2,887.80, with a nearly 30 percent rise in the last month. Adani Group stocks added Rs 62,975 crore to investor wealth, pushing the conglomerate’s market capitalization to Rs 15.1 lakh crore. The recent strong performance has elevated Adani to the second spot in the list of wealthiest Indians and delivered an 82 percent return on investment for Rajiv Jain of GQG Partners.
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