Adani Group stocks rally up to 7% amid Q3 results season; Total mcap nears Rs 15.6 lakh crore

Adani Group stocks were rallying sharply higher on Monday ahead of interim budget 2024 and results announcements of Gautam Adani's conglomerate. However, only a couple of Adani Group companies have shared their quarterly earnings for December 2023 period so far, but a handful of others are lined up to announce their earnings later this week.

Shares of Adani Enterprises Ltd, the flagship company of Adani Group surged as much as 6 per cent to Rs 3063.90 on Monday, with a total market capitalization close to Rs 3.5 lakh crore. Adani Enterprises and Adani Ports will announce their earnings on Thursday, February 1, 2024. The latter one was up 4.4 per cent to Rs 1,196.75 for the day.

Adani Connex Private (ACX), a joint venture of Adani Enterprises signed memorandum of understandings (MoUs) with Adani Power to acquire 100 per cent equity stake of two wholly owned subsidiaries of APL namely-Aviceda Infra Park and Innovant Buildwell, it said in an exchange filing. The update sparked the rally in both Adani Enterprises and Adani Power.

Shares of Adani Power Ltd hit an upper circuit of on Monday to Rs 569.60 on Monday, with a total market capitalization close to Rs 2.2 lakh crore. Adani Power reported a multi-fold surge in consolidated net profit year-on-year at Rs 2,737.96 crore for the quarter ended December 31, 2023. Its Ebitda surged 151 per cent YoY to Rs 5,009 crore for Q3FY24.

Also read: Adani Power shares in focus post Q3 results, sale of two subsidiaries

Adani Green Energy Ltd announced its earnings on Monday and the stock was trading 4.40 per cent higher at 1737.75 with a total valuation of Rs 2.75 lakh crore. Adani Total Gas Ltd will declare its earnings on Tuesday and the stock surged 4.75 per cent to Rs 1,051 during Monday's session.

Adani Wilmar Ltd and Ambuja Cements Ltd will share their earnings on Wednesday, January 31. The stock hit Rs 363.70, up 3.5 per cent and Rs 578.50, up 3 per cent, respectively on Monday. Adani Energy Solutions Ltd rose more than 7 per cent to Rs 1135.80 for the day. The combined market capitalization of Adani Group stood close to Rs 15.60 lakh crore mark.