Adani Group stocks jump up to 20%, market cap crosses ₹13 lakh crore; here's why?

Source: Mint

Dec 05, 2023

After a strong surge on Monday, December 4, shares of Adani Group stocks extended their gains on Tuesday, December 5.

The US government concluded that short-seller Hindenburg Research's allegations of corporate fraud against Indian billionaire Gautam Adani weren't relevant before extending his conglomerate as much as $553 million for a container terminal in Sri Lanka.

The robust gains in Adani stocks shot up the overall market capitalisation of the group to nearly 14 lakh crore.

According to Capitalmarket data, the overall market capitalisation of Adani Group stocks jumped to nearly ₹13.88 lakh crore on December 5.

Adani Enterprises surged as much as 18.4 percent in intra-day deals to ₹2,995.80. It ended 17 percent higher at ₹2,960.10.

Adani Power also rallied 17.4 percent to the day's high of ₹545.85. It ended 15.9 percent higher at ₹538.50.

Adani Ports, as well, advanced over 16.5 percent in intraday deals to ₹1,023.90. It settled 15.15 percent higher at ₹1,011.85.

The renewable energy player Adani Green also announced $1.36 billion in a follow-on funding to enhance its funding pool to $3 billion.

In 2 days, Adani Green soared the most, up 31 percent followed by Adani Energy Solutions, up 27 percent. Meanwhile, Adani Enterprises and Adani Total Gas rallied 25 percent each.

Other Adani Group stocks Adani Power, Adani Ports and Adani Wilmar rose between 12 and 22 percent each.