Adani Total Gas Shares & Adani Green Energy Surge Up to 10%, Trigger Upper Circuit
Adani Total Gas Ltd) witnessed a 5% rise, reaching the upper price band of Rs 662.45
New Delhi. ATG LTD (Adani Total Gas Ltd) witnessed a 5% rise, reaching the upper price band of Rs 662.45. Additionally, other stocks within the Adani conglomerate, including Adani Power Ltd, surged significantly, with a 9.91% increase, reaching a day high of Rs 261.65.
Shares of Adani Green Energy Ltd surged 10% to Rs 1,089.15, hitting the upper circuit during Tuesday's trade. The company's board is set to meet on July 31 to consider and approve the financial results for the June 2023 quarter (Q1 FY24). Trading volume on BSE was significantly higher at 5.74 lakh shares, compared to the two-week average of 67,000, with a turnover of Rs 60.07 crore and a market capitalization of Rs 1,72,524.90 crore.
Adani Total Gas Ltd also rose 5% to Rs 662.45, while other stocks within the energy-to-ports conglomerate saw significant gains. Adani Power Ltd surged 9.91% to Rs 261.65, and Adani Transmission jumped 8.60% to reach Rs 839.90. These companies are also scheduled to announce their Q1 results on July 31.
Adani Wilmar Ltd observed a 5.10% rise, while Adani Enterprises and Adani Ports also traded higher. In a separate development, US-based investment firm Bain Capital is acquiring 90% of Adani Capital and Adani Housing, purchasing all of the Adani family's private investments in the company. Gaurav Gupta will retain the remaining 10% stake and continue as Managing Director and CEO of Adani Capital. The transaction aims to position Adani Capital as a standalone company to expand lending.
Despite the Hindenburg setback in January 2023, Adani stocks have shown significant recovery after addressing investor concerns and repaying debt. US-based GQG Partners and other investors have also increased their stake in the Adani Group. Additionally, Indian market regulator Sebi's investigations into suspected violations in overseas investments in the Adani Group did not yield any significant findings, and a Supreme Court-appointed panel expressed doubts about the case's direction.
What's Your Reaction?
