Adani group firms' m-cap rises by Rs 45,200 crore to one-month high

A day earlier seven out of 10 Adani group stocks had posted gains after GQG Partners hiked investment in the group

The 10 Adani groups stocks added over Rs 45,200 crore in market value on Friday, reclaiming the Rs 11-trillion market cap (m-cap) mark after six months. This was the biggest single-day m-cap gain for the embattled power-to-port conglomerate in nearly a month. 

Shares of all 10 group firms ended with gains, with Adani Green Energy, Adani Power and Adani Transmission each soaring over 6 per cent. The latest gains come after reports that Abu Dhabi National Energy Company, also known as TAQA, was considering investment of up to $2.5 billion in Adani Group companies. 

Both TAQA and the Adani group in separate statements said they were not in talks. Group stocks pared some gains following the denial. A day earlier seven out of 10 Adani group stocks posted gains after GQG Partners hiked investment in the group. 

On Wednesday, the US-based investment firm, along with other investors, picked up 8.1 per cent stake in Adani Power for over Rs 9,000 crore ($1.1 billion) — in what is dubbed as the largest-ever single buyer-seller trade in the domestic market. Earlier this month, Qatar Investment Authority had picked up a 2.7 per cent stake in Adani Green Energy. The funds raised by Adani promoters from marquee investors has helped the conglomerate restore investor confidence, which took a beating following a report by Hindenburg on January 24.