Adani Enterprises' share price jumped more than 8% on Monday. Other Adani Group stocks also rose on Monday on the back of multiple reasons. Select Adani stocks hit their upper circuit limits, while other stocks from the conglomerate rose up to 9% during the early trade on Monday.
Adani Enterprises' share price surged over 8% to hit 2,118.95 today. The company commanded a market capitalization of more than Rs 2.4 lakh crore, and extended its two-day gains to 15%. The stock climbed above the Rs 2,000 mark after almost three months.
Adani Wilmar share price surged about 9% to 441.95 on Monday, compared to its previous close at Rs 404 on Friday. The stock had gained nearly 20% in the last two sessions as it zoomed more than 7% in the previous session.
Adani Ports share price jumped 6% to Rs 730.90 with market capitalization little shy of Rs 1.6 lakh crore mark on Monday. The stock has jumped around 12% in the last two sessions the data suggests.
Among the cash market stocks, Adani Power, Adani Total Gas, Adani Green Energy, Adani Transmission and NDTV hit their respective upper circuit limits of 5% each. Adani Group acquired cement stocks ACC and Ambuja Cements also rose 3% each.
The rally in Adani group stocks comes amid reports that Adani Group is considering the monetisation of select real estate assets deemed non-core to its operations.
After identifying certain assets for potential sale, the Adani group is expanding the list to generate funds for its new real estate ventures, according to a report.
According to the report, 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).
The Gautam Adani-led conglomerate has reportedly 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.
Last week on Friday, the Supreme Court-appointed expert committee, looking into regulatory failure by Sebi and alleged breach of laws by the Adani Group, informed the apex court that allegations of stock price manipulations or violation of norms by Adani group companies cannot be proved at this stage.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.