Shares of Adani Group companies witnessed a superb trading session on Monday as all 10-listed entities settled on a strong note. Group's flagship firm Adani Enterprises soared 18.84 per cent to close at Rs 2,325.55. The stock today settled slightly lower from its upper price band (20 per cent) of Rs 2,348.25. The sharp movement in the share price came after it was reported that the Indian conglomerate may consider monetising select real estate assets. Investor sentiments also got a boost after markets regulator Sebi drew a blank in investigations into suspected violations in overseas investments in the Adani Group.
A total of 31.90 lakh shares changed hands today on BSE, which was more than 10 times higher compared to the two-week average volume of 3.11 lakh shares. Turnover on the counter stood at Rs 705.99 crore, commanding a market capitalisation of Rs 2,65,112.96 crore. On NSE, Adani Enterprises was the top Nifty gainer as the stock gained 19.55 per cent to settle at Rs 2,338.55.
That said, the counter has declined 39.45 per cent on a year-to-date (YTD) basis. Adani Group shares saw a massive market value erosion since January 24 this year, when US-based short seller Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. The report led to over $140 billion in value erosion in the listed Adani companies earlier this year. Adani, however, denied all the claims.
On the technical front, Adani Enterprises traded higher than the 5-day, 20-, 50- and 100-day moving averages but lower than the 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 76.30. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 137.48. It has a price-to-book (P/B) value of 16.01.
The stock has a one-year beta of 1.91, indicating high volatility.
In addition, the group's six listed stocks closed at their respective upper price bands today. Shares of Adani Power, Adani Transmission, Adani Green Energy, Adani Total Gas and NDTV jumped 5 per cent, each, to hit upper circuits. Adani Wilmar settled at its upper price band of 10 per cent.
Adani Ports, Ambuja Cements and ACC rose up to 6.03 per cent.
Meanwhile, Indian equity benchmarks extended their gains for the second straight session today, led by gains in technology, metals, healthcare and energy stocks. The 30-share BSE Sensex pack 234 points or 0.38 per cent higher at 61,964; while the broader NSE Nifty index moved 111 points or 0.61 per cent up to settle at 18,314.