Adani Group shares took center stage during Friday’s trading session as listed entities within Gautam Adani’s conglomerate surged by 14 percent throughout the day. The diversified conglomerate maintained its consistent upward trajectory on the path to recovery following the critical report issued by the US-based short seller Hindenburg Research in January 2023.
During Friday’s trading session, stocks affiliated with the Adani Group surged by up to 14 percent on an intra-day basis but relinquished their gains by the session’s close. Nevertheless, all ten listed companies within the Adani Group managed to record significant gains for the day.
Adani Enterprises Ltd, the flagship entity of the Adani Group, witnessed a 7 percent increase, closing at Rs 3416.75 and boasting a total market capitalization of approximately Rs 3.9 lakh crore. Another notable blue-chip within the Adani Group, Adani Ports and Special Economic Zone, experienced a 5 percent surge intra-day but concluded the session with a 4 percent increase, settling at Rs 1,440 and possessing a total market capitalization of Rs 3.11 lakh crore.
Adani Power Ltd saw an impressive surge of over 14 percent during the trading day, ultimately settling at Rs 759.80, marking a 9 percent increase. The company’s market capitalization exceeded Rs 3 lakh crore. Adani Total Gas Ltd concluded the day with a 9 percent gain, closing at Rs 1,044.50 after experiencing an 11 percent rise during the session. The company’s total valuation reached Rs 1.15 lakh crore.
Adani Wilmar Ltd registered a rise of over 3 percent, reaching Rs 354.90, while Adani Green Energy Ltd and Adani Energy Solutions Ltd, previously known as Adani Transmission Ltd, each gained over 2 percent, reaching Rs 1,917.35 and Rs 1,120, respectively. Among the acquired entities, New Delhi Television (NDTV) observed an 8 percent increase, while both Ambuja Cement and ACC Ltd advanced by more than 2 percent each.
Earlier this week, the board of Adani Enterprises greenlit a fundraising initiative of Rs 16,600 crore through the qualified institutional placement (QIP) route, while the directors of Adani Energy Solutions also approved a similar plan to raise Rs 12,500 crore. Reports suggest that the promoter entities increased their stakes in these companies along with Adani Green Energy in May 2024.
Global brokerage firm Jefferies recommends a ‘buy’ for Adani Enterprises with a target price of Rs 3,800 and for Adani Energy Solutions with a target price of Rs 1,365. They also suggest buying Adani Ports, which will be included in the Sensex effective from June 24, with a target price of Rs 1,640. -Adani Group shares
Regarding the charts of Adani Power, Kushal Gandhi, Technical Analyst at StoxBox, noted that the stock appears to be trading within a volatility contraction pattern. This pattern suggests that significant investors are acquiring the stock at higher levels by absorbing available liquidity, indicating bullish momentum for a continued trend.
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Gandhi further stated that the power stock demonstrates strong price and EPS strength, along with increasing demand from buyers amidst the ongoing uptrend. We recommend buying Adani Power with a target of Rs 790 and a protective stop loss of Rs 655.
Disclaimer: Stockeasynow provides stock market news for informational purposes only and should not be construed as investment advice. Readers are strongly encouraged to consult with a qualified financial advisor before making any investment decisions.
