Majority of Adani Group stocks bounce back day after rout; Adani Green zooms 11%
New Delhi, June 5 (PTI) Shares of nine of the 10 listed Adani Group companies ended with gains on Wednesday, a day after suffering heavy beating, amid value-buying at lower levels and recovery in the equity market.
At the close of trade, shares of Adani Green Energy zoomed 11.01 per cent, Adani Ports rallied 8.59 per cent, Ambuja Cements climbed 7.47 per cent and group's flagship firm Adani Enterprises jumped 6.02 per cent on the BSE.
The stock of ACC surged 5.20 per cent, NDTV soared 3.26 per cent, Adani Total Gas climbed 2.67 per cent, Adani Wilmar advanced 0.77 per cent and Adani Power went up by 0.32 per cent.
In intra-day trade, shares of Adani Green jumped 12.24 per cent, Adani Ports zoomed 9.62 per cent, Ambuja Cements (7.95 per cent), Adani Power (7.54 per cent), Adani Enterprises (7.22 per cent), Adani Total (6.40 per cent), ACC (6.17 per cent), NDTV (5.82 per cent) and Adani Wilmar (2.23 per cent).
However, the stock of Adani Energy Solutions declined 2.58 per cent.
The combined market valuation of the nine Adani Group companies stood at Rs 15,57,765.43 crore at the close of trade on Wednesday.
Bouncing back from Tuesday's debacle, the 30-share BSE Sensex jumped 2,303.19 points or 3.20 per cent to settle at 74,382.24 on value buying. During the day, it zoomed 2,455.77 points or 3.40 per cent to 74,534.82.
Though the BJP could not get a majority in the Lok Sabha polls, the party-led alliance secured 293 seats out of 543. The majority mark in the lower house is 272.
Shares of all Adani Group companies tumbled on Tuesday, with many firms hitting their lower circuit limits, on below-expectation poll results.
The combined market valuation of all the 10 listed firms eroded by Rs 3.64 lakh crore, tracking sharp declines in the group companies.
In intra-day trade on Tuesday, Adani Enterprises plunged 25 per cent to hit the lower circuit limit.
Adani Ports had dived 25 per cent to its lower circuit limit and Ambuja Cements crashed 22.5 per cent to hit the lowest trading permissible limit for the day.
The 30-share BSE benchmark cracked 4,389.73 points or 5.74 per cent to settle at 72,079.05 on Tuesday. During the day, the benchmark tanked 6,234.35 points or 8.15 per cent to hit a nearly five-month low of 70,234.43.
Shares of all Adani Group companies rallied sharply on Monday, with Adani Power surging nearly 16 per cent, in line with a massive surge in the equity market, taking the combined market valuation of the ten listed firms to Rs 19.42 lakh crore.
All group companies had surged on Friday by up to 14 per cent after US brokerage Jefferies put a bullish view on the group that is back to an expansion spree with a planned USD 90 billion capital expenditure over the next decade.
