Adani stocks rise up to 19% in early trade; shares rally up to 56% in 3 sessions

Shares of Adani Group extended their gains on Wednesday as the optimism over Gautam Adani-led conglomerate continued. The blue-chip counters of Adani Group were leading the gains in the Nifty50 pack but the cash market stocks outperformed the headline peers in the early trade.

Adani Green Energy Ltd surged more than 19 per cent to Rs 1605.65, with its total market capitalization hitting Rs 2.5 lakh crore mark. The stock has rallied more than 55 per cent in the last three sessions. It hit an upper circuit of 20 per cent on Tuesday to settle at Rs 1348.

Shares of Adani Total Gas Ltd soared as much as 18 per cent to Rs 1033.75 on Wednesday, commanding a total market capitalisation of more than Rs 1.10 lakh crore. The stock, which also hit an upper circuit of 20 per cent in the previous trading session, is up 46 per cent in the three trading sessions.

Adani Energy Solutions Ltd, formerly known as Adani Transmission rose more than 15 per cent to Rs 1246 for the day, with its total valuations inching closer to Rs 1.4 lakh crore. Its utility arm, Adani Power Ltd, advanced more than 9 per cent to Rs 589.30, hitting its 52-week high and a total market capitalization of more than Rs 2.25 lakh crore.

Adani Group's flagship company, Adani Enterprises Ltd, advanced about 7 per cent in the early trade to Rs 3,155, with a total market capitalization of Rs 3.5 lakh crore. The blue-chip counter has delivered more than 200 per cent from its 52-week low, while it is up 35 per cent in the last three-sessions.

Adani Ports and Special Economic Zone Ltd (Adani Ports) also surged more than 7 per cent to Rs 1,082.95, its new record highs. Company's market cap hit Rs 2.3 lakh crore mark. The stock is up 175 per cent from its 52-week lows, while it is up 31 per cent in the last three day's trade.

Global brokerage firm Citi has raised its target price on the stock to Rs 1,213 from Rs 972 earlier. Adani Ports continues to execute well and grow its dominance in India's port and logistics space, said the overseas brokerage firm explaining the rationale over its updrage.

Market share gains have been significant in FYTD24, with ADSEZ growing 2 times/3 times of the 7 per cent market growth on an organic/overall basis. This was driven by realization and sharing of operational efficiencies, the offering of an integrated service and cargo diversification, said Kotak Institutional Equities.

Also read: Adani Power shares surge 12% to hit one-year high; can stock break above Rs 500?

"We increase our volume and EBITDA estimates by 4 per cent and 6 per cent, respectively as Adani Ports continues to outperform in a market gaining momentum. We increased our fair value by a higher 12 per cent to Rs 1,060. The stock is the top pick within our transportation coverage," it added.

Adani Wilmar gained about 8 per cent to Rs 410 for the day, with a total mcap of Rs 52,500 crore. New Delhi Television gained over 12 per cent to Rs 297.90 on Wednesday, while cement business led by Ambuja Cements and ACC rose 3 per cent and 2 per cent, respectively, commanding a cumulative valuation of Rs 1.45 lakh crore.

Check the real-time market capitalisation of Adani group stocks HERE.

Considering day's high levels for all stocks, the total market capitalization of Adani Group topped 15 lakh crore during the day, first time after January 2023. Adani stocks were under severe pressure after a damning report by the Hindenburg Research, which wiped out $100 billion from its total mcap.

Also read: Adani Power shares hit 52-week high, up 36% in four sessions

Also read: Stock recommendations by market analysts for December 6, 2023: ITC, IDFC First Bank and Kotak Mahindra Bank