Adani stocks up on positive developments, market cap jumps to nearly Rs 12.8 lakh crore

Mumbai: Adani Group shares saw a bullish trend on Tuesday, as buying was seen in almost all of the group’s stocks, led by Adani Green Energy and Adani Power.

At 1.19 p.m., Adani Green Energy gained 2.47 per cent, Adani Power gained 2.33 per cent, and Adani Energy Solutions gained 1.96 per cent.

Apart from this, Adani Group’s flagship company Adani Enterprises stock was up 1.72 per cent.

Adani Ports and Special Economic Zone (APSEZ) stock is trading with a gain of 1.36 per cent and Adani Total Gas stock is up by about 0.3 per cent.

The stock of the group’s cement companies Ambuja and ACC was up by about 1.50 per cent.

During this period, the market cap of the group has increased by about Rs 16,000 crore to nearly Rs 12.80 lakh crore.

In the recent past, there have been many positive developments about Adani Group’s companies that boost investors’ confidence.

Recently, Adani Petrochemicals, a subsidiary of Adani Enterprises, announced a joint venture with Indorama Resources named ‘Valor Petrochem’. Adani Petrochemicals will have a 50 per cent stake in this joint venture.

Through this joint venture, the Adani Group plans to take advantage of Indorama’s expertise in the petrochemicals sector.

Adani Petrochemicals was established in 2021. It aims to set up refineries and petrochemical complexes in the country.

Indorama Ventures, the parent company of Indorama Resources, is a leading global petrochemical company with operations in over 35 countries. Thailand-based Indorama is one of the world’s largest producers of integrated polyester products and fibres and a major chemical sector player.

Meanwhile, Sensex and Nifty were trading in the green with a rise of nearly 0.4 per cent.

On the National Stock Exchange (NSE), 1,724 stocks were trading in green, while 487 stocks were in red.

–IANS