Adani Group market cap jumps to 3-month high, adds Rs 45,200 cr on Friday

Billionaire Gautam Adani's ports to power conglomerate added over Rs 45,200 crore in market capitalisation in a single day on Friday as shares of all 10 listed group firms surged after global investors showed renewed interest in the group.

The overall market capitalisation of the 10 Adani Group companies shot up to Rs 10.96 lakh crore on Friday, stock exchange data showed. The market capitalisation stood at Rs 10.51 lakh crore at close on Thursday.

Market experts say the rise in the stock price is due to an increase in interest from global investors even as investors put the recent issue of Deloitte behind.

"Over the last few days, there was consolidation in the Adani Group stocks. The market has analyzed the developments and emerging data points.

"Additionally, with fundraising remaining robust at the group level and project execution proceeding without a hitch, there's a strong sentiment of confidence in the group's operational capabilities. The stocks are poised for gains in the near term," said the head of research of a domestic brokerage.

He added that confidence-building measures undertaken by the promoters such as equity dilution of around Rs 45,000 crores (Rs 38,700 crore from GQG, Rs 4100 crore from QIA and Rs 1440 from Bain Capital) have helped built investor confidence.

"The recent acquisition by long-term investors like GQG Partners and Qatar Investment Authority is viewed positively as post these stake sales, the promoter group has abundant liquidity. This has put behind all concerns - be it Hindenburg or Deloitte," he added.

All 10 Adani portfolio stocks ended higher with notable performers including Adani Power, Adani Green Energy, Adani Wilmar and Adani Energy Solutions (formerly Adani Transmission). Adani Power registered a 6.34 per cent gain, with Adani Green Energy clocking a 6.7 per cent increase, and Adani Energy Solutions 6 per cent gains.

Adani Enterprises, the group's flagship firm, gained a solid 3.93 per cent boosting its market capitalisation to Rs 2,93,789 crore. Among other group gainers Adani Ports and Adani Total Gas added 3.2 per cent each to their stock values on Friday.

Analysts also attribute the recent surge in Adani Group's market value to the robust fundraising efforts done by the group following the Hindenburg report.

The Adani Group has raised funds from global investors in several rounds. Among them is GQG Partners which invested about USD 4 billion in several group companies since March.

GQG Partners invested about USD 1.1 billion in Adani Power in a series of block deals on Wednesday.