Adani Green maintains the charge for 2nd day running as group shares continue recovery

• Adani Power which rallied alongside Adani Green on Tuesday, moved up modestly by 0.4% today.
• The rest of the group stocks were trading in the green except Adani Transmission.
• All the group stocks have been rising since March giving double digit returns, except Adani Total Gas.

After hitting upper circuit on Tuesday, Adani Green stock rallied by another 5% in early morning trade on Wednesday, buoyed by news of the company lining up investor meetings. In the past two sessions the stock has rallied over 16%.

All Adani stocks have been on the recovery path and the all time highs for the group stocks are still some distance away. For example, Adani Green almost hit ₹2,900 a share in April this year. At the time of publishing the scrip was trading at ₹1,146 a share.

Meanwhile, Adani Power which rallied alongside Adani Green yesterday spiking by 9%, moved up modestly by 0.4% today. But most of the stocks are in the green barring Adani Transmission, which went down by 1.1% as of 11:15 am.

All the ten Adani group stocks moved up significantly on Tuesday and have been gaining ground since March as the group companies raised funds in the last few months. In this, Adani Green has given over 90% returns since March, Adani Power is by 70% and Adani Transmission has rallied close to 24%.

The flagship company, Adani Enterprises, has also given 57% returns in the last four months, taking part in the broad market which has been rallying since April. Nifty50 was at 16,900 by end of March and has gained around 2,000 points since and is hovering around 19,800.

Source: BSE

Woes over? Group raises funds

The group stocks have shed the effect Hindenburg Research’s allegations in January. The companies too have been on a fundraising mode in the last few months.

In early July, the Adani family raised $1.38 billion (₹11,330 crore) through stake sale in three companies — Adani Enterprises, Adani Green Energy and Adani Transmission. This, the company said, will aid higher capital availability at the group level, for growth and to serve near-term commitments of debt and equity over the next 12-18 months.

“The Adani Group continues to attract global investment partners aligned to our long-term approach of building and operating world-class assets. In March 2023, we successfully executed a secondary transaction with GQG partners of $1.87 billion despite the volatile market conditions,” said Gautam Adani, the chairman of the group in a speech given at the annual general meeting of Adani Enterprises.