Adani Group Stocks Experience Up to 11% Surge, Led by Adani Green Energy
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Synopsis
On March 5, the Adani Group's stocks experienced significant gains, with Adani Green Energy leading the charge with a 10.59% increase, amidst a broader stock market recovery in India.
Key Takeaways
- Adani Green Energy surged by 10.59%.
- Adani Energy Solutions rose by 9.33%.
- Adani Total Gas gained 6.41%.
- Overall Sensex increased by 740 points.
- Market capitalization reached Rs 393 lakh crore.
Mumbai, March 5 (NationPress) Stocks within the Adani Group experienced a significant rally on Wednesday as the stock market rebounded, with shares from various sectors, including ports and energy, showing impressive gains.
The rise was spearheaded by Adani Green Energy, which soared by 10.59%, or Rs 81.40, closing at Rs 849.95. During the intra-day trading, the stock reached a peak of Rs 857.90 and dipped to a low of Rs 769.
Adani Energy Solutions also saw considerable growth, climbing 9.33%, or Rs 60.35, to finish at Rs 707. The stock traded between Rs 731.50 and Rs 646 throughout the day.
Adani Total Gas increased by 6.41%, gaining Rs 35.05 to close at Rs 582.20, after hitting an intra-day high of Rs 600 and a low of Rs 544.35.
Adani Enterprises, the group's flagship entity, finished 4.53% higher at Rs 2,242, up by Rs 97.20.
Adani Ports also reported a gain of 5.15%, settling at Rs 1,112.45, while Adani Power rose 3.95% to close at Rs 502.35.
The group's cement division, Ambuja Cements, recorded a 3.07% increase, ending at Rs 489.60.
The wider Indian stock market concluded positively after suffering 10 consecutive days of losses.
The Sensex jumped 740 points or 1.01% to finish at 73,730, while the Nifty ascended 254 points or 1.15% to settle at 22,337.
The market rose by one percent on Wednesday after US Commerce Secretary Howard Lutnick hinted at possible tariff relief for Mexico and Canada.
This development sparked optimism that other tariffs might also be reassessed, enhancing investor confidence.
The robust market performance resulted in an increase in the total market capitalization of all companies listed on the Bombay Stock Exchange (BSE).
The overall market cap surged by Rs 9 lakh crore, reaching Rs 393 lakh crore, up from Rs 384 lakh crore on March 4.
