After hitting the upper circuit on Tuesday, Adani Green stock rose another 5% in early morning trade on Wednesday, buoyed by news that the company was lining up investor meetings.
There has been a recovery in all Adani stocks and the all time highs for the group stocks are still some distance away. For example, Adani Green almost reached 2,900 a share in April this year. At the time of publication, the scrip was trading at 1,146 a share.
While most of the stocks are in green, except Adani Transmission, which went down by 1.1% as of 11:15 am, Adani Power, which rallied alongside Adani Green yesterday, moved up modestly by 0.4%.
In the last few months, Adani group companies raised funds, which has resulted in significant gains for all ten stocks of the group on Tuesday. In this, Adani Green has given over 90% returns since March, Adani Power has given 70% returns since March, and Adani Transmission has rallied close to 24%.
Nifty50 was at 16,900 by the end of March and has gained around 2,000 points since then to hover around 19,800. Adani Enterprises has also returned 57% in the last four months.
Fundraising group ends woes
In the last few months, group stocks have shed the effects of Hindenburg Research’s allegations. The companies have also been raising funds.
By selling stakes in three companies – Adani Enterprises, Adani Green Energy, and Adani Transmission – the Adani family raised $1.38 billion (11,330 crore) in early July. As a result, the company said it will be able to access more capital for growth and meet its near-term debt and equity obligations.
Our long-term approach of building and operating world-class assets continues to attract global investment partners. At the annual general meeting of Adani Enterprises in March 2023, Gautam Adani, the chairman of the group, said that despite volatile market conditions, a secondary transaction of $1.87 billion was successfully completed with GQG partners.
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