Adani Group firms rally in afternoon trade, Adani Green Energy jumps 8%

The combined market capitalisation of all listed Adani firms touched Rs 12 lakh crore

Adani Group Stock prices of Adani group companies have been on the rise since last week | Reuters

Shares of Adani Group firms continued to attract heavy demand in the afternoon trade on Monday, with Adani Green Energy trading higher by 8 per cent.

The rally in all the 10 listed group companies mirrored the broader upswing in the domestic markets, fuelled by optimism regarding the BJP government's returning to power in 2024 after the party's victory in three heartland states' assembly elections.

The combined market capitalisation of all the listed firms of Adani Group hit the Rs 12 lakh crore-mark.

This is the first time that the group stocks have hit the Rs 12 lakh crore mark after facing a rout early this year following a report by US short seller Hindenburg Research that alleged financial wrongdoing and stock manipulation by the conglomerate.

However, the company denied all the allegations.

On the BSE, the scrip of Adani Green Energy surged 8 per cent to Rs 1,108.65 apiece, flagship firm Adani Enterprises rallied 6.61 per cent to Rs 2,518.55, and ACC bounced 6.35 per cent to Rs 2,021 per share.

Adani Energy Solutions advanced 6.16 per cent to Rs 908.65 per scrip and Ambuja Cements rose 6.06 per cent to Rs 468.90 per piece. While Adani Power went up by 5.59 per cent to Rs 464.80 apiece, Adani Ports and Special Economic Zone (APSEZ) gained 5.58 per cent to Rs 873.75 per piece.

Also, shares of Adani Total Gas jumped 4.38 per cent to Rs 731.95, NDTV climbed 4.13 per cent to Rs 228.10 and Adani Wilmar moved 2.50 per cent higher to Rs 348.95 per piece on the bourse.

Meanwhile, the BSE Sensex was trading 975.84 points or 1.45 per cent higher at its all-time peak of 68,457.03 and NSE Nifty gained 1.52 per cent to hit the record level of 20,575.75 points.

Stock prices of Adani Group companies have been on the rise since last week after the Supreme Court on November 24 reserved its verdict on a batch of petitions seeking examination of allegations of fraud against the conglomerate.

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