Eight Adani Group companies settle with gains; Adani Enterprises rallies 5 pc
Stocks of eight listed Adani Group firms settled with gains on Monday and Adani Enterprises rose more than 5 per cent amid positive momentum in the broader equity market.
Some of the group stocks also hit their upper circuit levels.
Adani Enterprises stock climbed 5.51 per cent to end at Rs 1,982.85 on the BSE. During the day, it rallied over 10 per cent to hit an intra-day high of Rs 2,135.
The market valuation of the flagship firm rose to Rs 2.26 lakh crore.
Shares of Adani Power, Adani Transmission, Adani Energy, Adani Total Gas and Adani Wilmar jumped 5 per cent each and their closing levels touched the respective upper price bands on the BSE.
Also, shares of NDTV climbed 4.95 per cent and Adani Ports and Special Economic Zone gained nearly 1 per cent.
However, shares of Ambuja Cements declined 1.65 per cent and ACC fell 1.50 per cent.
The 30-share BSE Sensex zoomed 415.49 points or 0.69 per cent to settle at 60,224.46 points. The NSE Nifty rose 117.10 points or 0.67 per cent to 17,711.45 points.
On Friday, shares of all listed Adani Group companies rallied after the group sold minority stakes in four of its listed companies to US-based GQG Partners for Rs 15,446 crore.
After taking a beating on the bourses following the report by US-based short seller Hindenburg Research, the group stocks have recovered significantly in the last few trading sessions.
The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it.
The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
(Except for the headline, this story has not been edited by The Federal staff and is auto-published from a syndicated feed.)
