Adani group m-cap tops Rs 10 lakh cr as Adani Enterprises, Adani Ports, Adani Wilmar, Adani Power shares rally

Adani group stocks such as Adani Enterprises, Adani Ports & SEZ, Adani Power and Adani Green Energy surged up to 11 per cent in Monday's trade, with the group market capitalisation hitting the Rs 10 lakh crore mark after the AM Sapre committee report suggested it was not possible to conclude that there was a regulatory failure on the Hindenburg's price manipulation allegation. Adani group shares also hogged limelight as a media report suggested that the group was considering monetisation of select real estate assets deemed non-core to its operations.

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Data showed Adani group's market capitalisation jumped nearly Rs 68,400 crore to Rs 10,03,861 crore in Monday's trade compared with Rs 9,34,485 crore at Friday's closing. Adani group's flagship Adani Enterprises led the rise with a 11.4 per cent surge. It was followed by Adani Wilmar (up 10 per cent), Adani Ports (up 9 per cent) and Ambuja Cements (up 6 per cent). Five Adani group stocks namely Adani Green Energy, Adani Power, Adani Total Gas, Adani Transmission and NDTV hit their respective 5 per cent upper circuit limits.

To be sure, the Adani group m-cap is still down 48 per cent over Rs 19.20 lakh crore m-cap that the group commanded on January 24, the day the US-based short seller Hindenburg Research released a scathing report, alleging stock manipulation and accounting fraud at the Adani group firms. Following the report, Adani Enterprises withdrew its Rs 20,000 crore follow-on public offer and the group took several measures to ease debt-related concerns.

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After identifying certain assets for potential sale, the group is expanding the list to generate funds for its new real estate ventures, The Economic Times reported today.

One of the properties being targeted for sale is Inspire BKC, a commercial real estate project situated on the periphery of Mumbai's Bandra-Kurla Complex (BKC), a prime business district housing numerous multinational corporations and Indian corporate giants. The Adani Group has initiated discussions with potential buyers, including Brookfield Asset Management, in search of a non-binding term sheet. The preliminary valuation stands at an estimated Rs 650 crore.

Adani group stocks were also in news on Friday after the AM Sapre committee panel report noted: "The committee is of the view that it would not be possible to return a finding of a regulatory failure in relation to compliance with the regulatory stipulations governing minimum public shareholding stipulation..."

On March 2, the apex court had formed a six-member expert panel headed by retired SC judge Justice AM Sapre. Other members of the committee are OP Bhatt, KV Kamath, Nandan Nilekani, JP Devadhar and Somasekhar Sundaresan.

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