Adani stocks: Adani Enterprises, Adani Green Energy shares turn multibaggers from their 52-week lows

Adani Group stocks have been on the radar of investors since Hindenburg's report was released on January 23, 2023 allegedly accusing the Gautam Adani-led conglomerate of malpractices and manipulation of the stock prices. The report by the US-based short seller triggered a steep sell-off in Adani Group stocks which nosedived, wiping out about 75 per cent of their value.

However, within a span of four months, Adani Group stocks after testing their new lows, have recovered smartly and a few of them have turned multibaggers from their respective 52-week lows. These stocks have sharply surged up to 160 per cent since February 2023.

The list is topped by Adani Enterprises, which has gained almost 163 per cent. The flagship company of Adani Group hit its 52-week low at Rs 1,017.10 on February 3, 2023, and has turned multibagger as it strikes an upper circuit of 15 per cent to Rs 2,674.35 on Tuesday at 9.45 am. The company was commanding a market capitalization of about Rs 3.05 lakh crore.

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The renewable energy arm of Adani Group, Adani Green Energy, has also surged over 125 per cent from its 52-week lows at Rs 439.35 on February 28. The stock was locked in the upper circuit limit of 5 per cent to Rs 989.50 on Tuesday, with a market capitalisation of Rs 1.57 lakh crore.

Adani Ports and Special Economic Zone (APSEZ) has also surged 99 per cent from its 52-week lows at Rs 394.95 on February 03, 2023. The stock from the Nifty50 index gained about 8 per cent to hit Rs 785.95 levels on Tuesday, before giving up its gains partially.

Adani Power is also on the verge of becoming a multibagger as the utility player has risen another 5 per cent, locked in the buyers' circuit limit, to Rs 260.40 on Tuesday. The stock is up about 97 per cent from its 52-week low at Rs 132.55 on February 28, 2023.

Among other Adani Group stocks, Adani Wilmar is up about 68 per cent from its 52-week lows at Rs 488.80, while Adani Transmission and Adani Total Gas have gained 38 per cent and 20 per cent from their individual lows, respectively as of latest stock prices on Tuesday.

Also read: Adani Ports, Adani Transmission are two Adani group stocks where Jefferies is bullish on. Here're share price targets

Stocks acquired by the Adani Group have also delivered handsome returns to investors. Ambuja Cements, New Delhi Television and ACC have rallied between 20-40 per cent from the respective 52-week lows. The total market capitalization of Adani Group topped the Rs 10 lakh crore mark on Monday.

According to some media reports, Adani Group is reportedly considering the monetisation of select real estate assets deemed non-core to its operations.

Also read: Adani Enterprises, other Adani group shares jump up to 41% post SC panel report, add $22 billion to investor wealth 

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