During Friday’s trading session, Adani Group stocks experienced an intra-day surge of up to 14 percent, though they relinquished some of these gains by the session’s close. Shares of the Adani Group captured attention during Friday’s trading session as the conglomerate’s listed entities surged by 14 percent. This diversified group, led by Gautam Adani, has been steadily recovering following a critical report released by the US-based short seller Hindenburg Research in January 2023.
Adani Group Companies Record Gains Across the Board
Despite this, all ten listed Adani Group companies achieved respectable gains for the day. Adani Enterprises Ltd, the flagship of the group, increased by 7 percent, closing at Rs 3416.75 with a total market capitalization of approximately Rs 3.9 lakh crore. Similarly, Adani Ports and Special Economic Zone, another prominent company in the group, saw an intra-day rise of 5 percent before ending at Rs 1,440, up 4 percent, with a total market capitalization of Rs 3.11 lakh crore.
Adani Power Ltd surged over 14 percent during the day before closing at Rs 759.80, up 9 percent, with its market capitalization surpassing Rs 3 lakh crore. Adani Total Gas Ltd ended 9 percent higher at Rs 1,044.50 after an 11 percent intra-day rise, bringing its total valuation to Rs 1.15 lakh crore. Adani Wilmar Ltd increased by over 3 percent to Rs 354.90, while Adani Green Energy Ltd and Adani Energy Solutions Ltd (formerly Adani Transmission Ltd) each gained more than 2 percent, closing at Rs 1,917.35 and Rs 1,120, respectively. Among the acquired entities, New Delhi Television (NDTV) rose by 8 percent, and both Ambuja Cement and ACC Ltd advanced by more than 2 percent each.
Earlier this week, the board of Adani Enterprises approved a fundraising plan of Rs 16,600 crore through a qualified institutional placement (QIP), while the directors of Adani Energy Solutions agreed to raise Rs 12,500 crore via a similar route. Reports indicate that in May 2024, the promoter entities increased their stakes in these companies as well as in Adani Green Energy.
Global brokerage firm Jefferies has recommended buying Adani Enterprises with a target gain price of Rs 3,800 and Adani Energy Solutions with a target price of Rs 1,365. The firm also suggests buying Adani Ports, which will be included in the Sensex from June 24, with a target price of Rs 1,640.
Commenting on Adani Power’s stock charts, Kushal Gandhi, Technical Analyst at StoxBox, noted that the stock appears to be gaining within a volatility contraction pattern. This suggests that major investors are accumulating the stock at higher levels by absorbing available liquidity, thus building bullish momentum for a continued uptrend. “The power stock shows strong price and EPS strength and is attracting increasing buyer demand in its upward trend. We recommend buying Adani Power with a target of Rs 790 and a protective stop loss at Rs 655,” he said.
