Adani Power, AEL shares: Adani Group stocks rally up to 12%, mcap hit Rs 11 lakh crore

Adani Group stocks defied the gravity during the trading session on Friday as the listed entities of Gautam Adani led conglomerate rallied up 12 per cent during the last trading session of the week. Interestingly, all Adani Group stocks were able to trade in the green and hold their gains during the session.

All ten Adani Group companies, namely Adani Enterprises, Adani Ports, Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Wilmar, Adani Power, ACC, Ambuja Cements and NDTV were trading higher on Friday. Thanks to the rally, the total market capitalization of Gautam Adani's listed empire raced past Rs 11 lakh crore mark for the first time since February this year.

Adani group stocks hogged the limelight at Dalal Streets amid media reports that Abu Dhabi National Energy PJSC (TAQA) is looking to double down in India and is evaluating a large exposure in the expansive power businesses of Gautam Adani that span thermal generation to transmission, clean energy and green hydrogen.

Shares of Adani Power surged more than 12 per cent to Rs 321 on Friday, commanding a total market capitalization of more than Rs 1.2 lakh crore. Another utility arm, Adani Green Energy, jumped about 10 per cent, with a total valuations of more than Rs 1.6 lakh crore during the day.

Adani Enterprises, the flagship company of the Adani Group, surged more than 7 per cent and its total valuation was slightly shy of Rs 3 lakh crore mark. Another blue-chip of Adani's conglomerate, Adani Ports and Special Economic Zone rallied around 5 per cent to hit a market cap of more than Rs 1.8 lakh crore.

Adani Transmission gained about 9 per cent with its market valuations hovering close to Rs 1 lakh crore mark, while Adani Total Gas rose 7 per cent, with a total mcap close to Rs 75,000 crore. Adani Wilmar also rose 7 per cent and its valuations topped Rs 50,000 crore mark once again.

Adani Group's acquired cement player- ACC and Ambuja Cements rose 3 per cent while its media and broadcasting arm New Delhi Television (NDTV) advanced more than 5 per cent during the Friday's trading session.

TAQA, which is among the largest integrated utilities in Europe, West Asia and Africa and the second-largest stock on Abu Dhabi Securities Exchange (ADX), is keen to deploy $1.5-2.5 billion in Adani Group firms or in a single entity, said the reports. However, TAQA has mentioned that there is 'no truth' to the reported deal with the Adani Group, reported the news agency Bloomberg.

Earlier this week, the US-based boutique investment firm GQG Partner bought 31.2 crore equity shares of Adani Power for more than Rs 9,000 crore ($1.1 billion). Rajiv Jain-led GQG Partners has been interested in Adani Group companies and has been investing in them since May.

Also read: Share market today: Nifty, Sensex end in red; Adani Ports, Adani Enterprises top gainers; TCS, Hero MotoCorp top losers; Coal India, RIL, other stocks that buzzed in trade on August 18, 2023

The marquee investor has been shrugging off the damning report from Hindenburg, the US short seller, to invest in billionaire Gautam Adani's group. Adani Power was the fourth entity from Gautam Adani's ports-to-energy conglomerate to enter GQG's portfolio after Adani Enterprises, Adani Green Energy and Adani Transmission.

Adani Group stocks have been at the radar of investors ever since the release of Hindenburg Research's report released in January this year. The stocks of the conglomerate tumbled up to 75 per cent in less than two months. The US-based short seller Hindenburg accused Adani Group of manipulating and malpractices in its dampening report.

Also read: Hot stocks on August 18, 2023: Adani Power, Indian Bank, Adani Green Energy, PTC Industries and more

Also read: 140% return in 2023! Zensar Tech stock rally defies broader IT sector weakness