Most Adani Group Firms Rebound in Early Trade, Adani Enterprises Gains Nearly 3%

New Delhi: Shares of most of the Adani group companies rose in the morning trade on Wednesday, with flagship Adani Enterprises gaining nearly 3 per cent.

As many as six Adani group firms were trading in the positive territory, while four were in the red.

On the BSE, the scrip of Adani Enterprises jumped 2.84 per cent to ₹ 1,800 apiece, with a market capitalisation of ₹ 2.05 lakh crore.

Shares of Adani Wilmar soared 3.33 per cent to ₹ 406.70, Ambuja Cements surged 2.35 per cent to ₹ 344.55 and NDTV increased 2.31 per cent to ₹ 192.70.

Adani Ports and Special Economic Zone went up 0.92 per cent to ₹ 570.30 and ACC rose 0.64 per cent to ₹ 1,842.65 per scrip on the exchange.

However, some of the group firms also touched their lower price bands.

The stock of Adani Power slumped to ₹ 140.90, Adani Transmission to ₹ 1,017.05, Adani Green Energy to ₹ 620.75 and Adani Total Gas to ₹ 1,078.85. Scrips of these companies fell 5 per cent each.

Meanwhile, the 30-share BSE Sensex was trading 10.74 points or 0.02 per cent lower at 61,021.52 points in the morning session.

On Monday, Adani Enterprises Ltd (AEL) reported a jump in its profit which stood at ₹ 820.06 crore in the third quarter of the current fiscal, as compared to a loss of ₹ 11.63 crore in the year-ago period. Its revenue also surged 42 per cent to ₹ 26,612.33 crore.

Though strong results from AEL did provide a knee jerk reaction to the flagship company's stock, it failed to trickle down to other stocks of the group.

The market cap of Adani group companies fell 2.1 per cent on February 14, even as 7 out of 10 conglomerate's companies ended in the negative territory.

The conglomerate's stocks have lost around ₹ 10.4 lakh crore or about 54 per cent of their combined market cap since January 24, when the US-based activist short-seller Hindenburg Research through its adverse report made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.

Original News: Market News | Press Trust of India

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