Adani Stocks Surge Following Positive Developments, Market Capitalization Approaches Rs 12.8 Lakh Crore
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Mumbai, Jan 7 (NationPress) Shares of the Adani Group displayed a strong upward trend on Tuesday, characterized by substantial buying interest across nearly all of the group's stocks, primarily driven by Adani Green Energy and Adani Power.
As of 1:19 p.m., Adani Green Energy surged by 2.47 percent, while Adani Power rose 2.33 percent, and Adani Energy Solutions climbed 1.96 percent.
Furthermore, the flagship company Adani Enterprises saw its stock increase by 1.72 percent.
Additionally, shares of Adani Ports and Special Economic Zone (APSEZ) were up by 1.36 percent, with Adani Total Gas experiencing a modest rise of around 0.3 percent.
The stocks of the group's cement companies, Ambuja and ACC, also reported an increase of approximately 1.50 percent.
During this period, the group's market capitalization has expanded by around Rs 16,000 crore, nearing Rs 12.80 lakh crore.
Recently, there have been several positive developments regarding Adani Group companies that have bolstered investor confidence.
In particular, Adani Petrochemicals, a subsidiary of Adani Enterprises, has announced a joint venture with Indorama Resources called 'Valor Petrochem', where Adani Petrochemicals will hold a 50 percent stake.
This venture aims to leverage Indorama's expertise in the petrochemical sector.
Adani Petrochemicals was founded in 2021 and is focused on establishing refineries and petrochemical complexes within the country.
Indorama Ventures, the parent company of Indorama Resources, is a prominent global player in the petrochemical industry, operating in over 35 countries. Based in Thailand, Indorama is one of the largest producers of integrated polyester products and fibres and a key player in the chemical sector.
Meanwhile, the Sensex and Nifty indices were trading positively, with gains of nearly 0.4 percent.
On the National Stock Exchange (NSE), 1,724 stocks were trading in the green, while 487 stocks were in the red.
