Adani Enterprises, Adani Power shares: 5 Adani group stocks defy market weakness, rise up to 3%

Shares of five Adani group companies namely Adani Enterprises, Adani Ports, Adani Power, Adani Wilmar and ACC advanced up to 3 per cent in an otherwise weak trading session on Wednesday. Shares of Adani Enterprises jumped 3.10 per cent to hit a high of Rs 2,573 on BSE. Its m-cap stood at Rs 2,90,016 crore. Adani Ports & SEZ rose 1.98 per cent to hit a high of Rs 748.85. Analysts are largely positive on this stock post its March quarter results. Nuvama finds the stock worth Rs 956, JM Financial at Rs 850 and Kotak Institutional Equities at Rs 835.

Adani Power advanced 2.23 per cent to Rs 256.65. Adani Wilmar added 3.27 per cent to Rs 450. ACC added 0.22 per cent to Rs 1,802.50. This is against a over 500 points, or 0.81 per cent, drop in the BSE Sensex in afternoon trade.

The Adani stocks gained even as Sebi in a consultation paper proposed additional disclosure requirement for certain types of foreign portfolio investors (FPIs) that, in the view of the capital market watchdog, could be acting in concert with the promoters or other investors in a company to circumvent the requirement related to minimum public shareholding norms.

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This assumes significance as recent reports have highlighted the fact that some FPIs holding shares in Adani Group companies are believed to have the bulk of their India exposure in only Adani Group companies.

Meanwhile, two Adani group stocks namely Adani Transmission and Adani Total Gas plunged up to 4 per cent, as the scrips moves out of MSCI Global Standard index. Shares of Adani Transmission fell 3.67 per cent to a low of Rs 774.30 on BSE. Adani Total Gas, on the other hand, declined 4.47 per cent to a low of Rs 667.15.

Domestic brokerage Nuvama expects Rs 189 million in outflows in the case of Adani Transmission while it anticipated $167 million in outflows for Adani Total Gas.

Recently, Jefferies said it has 'Buy' ratings on Adani Transmission and Adani Ports & SEZ. Adani Transmission, it said, could be a key beneficiary of the Distribution Amendment Act if it comes through, the brokerage said adding that Medium-term double-digit growth for Adani ports should continue as it replicates the Mundra market share gain story at its acquired ports.

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