Adani Green Energy, Adani Total Gas shares hit upper circuit, jump up to 10%, details here

Adani Green Energy, Adani Total Gas shares hit upper circuit, jump up to 10%, details here

Adani stocks: Adani Total Gas Ltd rose 5 per cent to hit its upper price band of Rs 662.45. Other stocks of the energy-to-ports business conglomerate also surged today. Adani Power Ltd soared 9.91 per cent to hit a day high of Rs 261.65.

Adani stocks: Adani Transmission jumped 8.60 per cent to hit Rs 839.90.
Prashun Talukdar
  • Jul 25, 2023,
  • Updated Jul 25, 2023, 7:14 PM IST
  • For Adani Wilmar Ltd, the counter saw a 5.10 per cent rise.
  • Group's flagship entity Adani Enterprises and Adani Ports were also trading higher in late deals.
  • All other stocks of the energy-to-ports business conglomerate also surged today.

Shares of Adani Green Energy Ltd hit 10 per cent upper circuit of Rs 1,089.15 in Tuesday's trade. The company's board would meet on July 31 to consider and approve the financial Results for June 2023 quarter (Q1 FY24). Around 5.74 lakh shares changed hands today on BSE, which was way more than the two-week average volume of 67,000. Turnover on the counter came at Rs 60.07 crore, commanding a market capitalisation (m-cap) of Rs 1,72,524.90 crore.

Adani Total Gas Ltd rose 5 per cent to hit its upper price band of Rs 662.45. All other stocks of the energy-to-ports business conglomerate also surged today. Adani Power Ltd soared 9.91 per cent to hit a day high of Rs 261.65.

Adani Transmission jumped 8.60 per cent to hit Rs 839.90. The company is also scheduled to announce Q1 results on July 31.

For Adani Wilmar Ltd, the counter saw a 5.10 per cent rise. Group's flagship entity Adani Enterprises and Adani Ports were also trading higher in late deals.

In a separate development, US-based investment firm Bain Capital said it has entered into an agreement to acquire 90 per cent of Adani Capital and Adani Housing, buying out all of the Adani family's private investments in the company.

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Gaurav Gupta would retain the remaining 10 per cent stake in Adani Capital and continue to serve as its Managing Director and CEO, Bain said. The transaction, which is expected to close in the fourth quarter of this year, aims to position Adani Capital as a standalone company to expand lending, it added.

"With Bain committing Rs 1,000 crore of capital in the company, we are now equipped to grow 4x from here," Gupta said in a statement.

Bain's investment follows other investments by companies such as GQG Partners which raised its stake in Gautam Adani's conglomerate. Last month, US-based GQG made a third round of investment in the Adani Group. GQG and other investors have bought around $1 billion of additional stake via block deals.

All Adani stocks have witnessed major fluctuations after the Hindenburg setback. In January 2023, US-based Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. Adani, however, denied all the claims.

Indian market regulator Sebi in May had "drawn a blank" in investigations into suspected violations in overseas investments in the Adani Group. In addition, a Supreme Court-appointed panel said its ongoing pursuit of the case could be a "journey without a destination".

The stocks have recovered after Adani assured investors and repaid debt.

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Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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