Adani Group shares surge up to 14% today; all 10 stocks settled with gains

June 01,2024

Shares of Adani Group hogged limelight during the trading session of Friday as the listed entities from Gautam Adani's conglomerate rose 14 per cent during the day. The diversified conglomerate continued its steady March on the road of recovery after the damning report by the US-based short seller Hindenburg Research in January 2023.

On an intra-day basis, stocks belonging to Adani Group surged up to 14 per cent during the trading session on Friday, but gave up their gains as the session ended for the trading. However, all the 10-listed Adani Group companies managed to post decent gains for the day. 

Adani Enterprises Ltd, the flagship company of the Adani Group, rose 7 per cent for the day to settle at Rs 3416.75, with a total market capitalization of about Rs 3.9 lakh crore. Another blue-chip from Adani Group, Adani Ports and Special Economic Zone, rose 5 per cent on an intra-day basis, but ended at Rs 1,440, up 4 per cent, with a total mcap of Rs 3.11 lakh crore. 

Adani Power Ltd, which surged more than 14 per cent for the day, finally settled at Rs 759.80, up 9 per cent. The company topped Rs 3 lakh crore mcap. Adani Total Gas Ltd ended 9 per cent higher at Rs 1,044.50 on Friday, after rising 11 per cent during the session. The company's total valuations stood at Rs 1.15 lakh crore for the day.

Adani Wilmar Ltd rose over 3 per cent to Rs 354.90, while Adani Green Energy Ltd and Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, gained more than 2 per cent each to Rs 1,917.35 and Rs 1,120, respectively. Among the acquired entities, New Delhi Television (NDTV) rose 8 per cent, while Ambuja Cement and ACC Ltd advanced more than 2 per cent each. 

Earlier this week, the board of Adani Enterprises approved a fundraising plan of Rs 16,600 crore via qualified institutional placement (QIP) route, while the directors of Adani Energy Solutions agreed to mop up Rs 12,500 crore via similar means. The promoter entities inched up its stake in these entities along with Adani Green Energy in May 2024, suggest some reports. 

Global brokerage firm  Jefferies has suggested to 'buy' Adani Enterprises with a target price Rs 3,800 and Adani Energy Solutions target price Rs 1,365. The overseas brokerage firm has also suggest to buy Adani Ports, will also be included in Sensex with effect from June 24, with a target price Rs 1,640.

Commenting on the charts of Adani Power, Kushal Gandhi, Technical Analyst at StoxBox said that the stock has potentially been trading in a volatility contraction pattern. This indicates that the big hands are catching the stock at elevated levels by absorbing the available liquidity, garnering bullish strength for trend continuation. 

"The power stock displays robust price strength and EPS strength and is improving buyers’ demand with the progressive uptrend. We reiterate to buy Adani Power for the target of Rs 790 and a protective stop loss at Rs 655," he said.