Adani Group shares were seen trading with a spectacular rise since the 3rd trading day. On Tuesday, the market cap of group shares crossed the figure of Rs 13.9 lakh crore.
At the close of trading, Adani Energy Solutions closed 20%, Adani Green 20%, Adani Total Gas 19.88%, NDTV 18.48%, Adani Enterprises 16.91%, Adani Power 15.81%, Adani Ports 15.3%. Adani Wilmar, ACC and Ambuja Cements gained more than 7%.
Why did the shares rise?
The Group has got a clean chit in the due diligence of US company International Development Finance Corp on the Adani-Hindenburg Case, after which Adani Group shares were seen trading with great strength. Along with this, Adani Group company Ambuja Cements bought 54.51% stake in Sanghi Industries. Ambuja Cements said that the company will buy additional 2.23% stake from the founders. The company has revised the open offer price to Rs 121.90/share.
Market cap crosses Rs 13 lakh crore
The market cap of Adani Group shares crossed the market cap of Rs 13.9 lakh crore on Tuesday. It reached the highest level of Rs 13,96,837 crore. At the close of trading, the market cap increased by Rs 1,92,419 crore to Rs 13,85,675 crore.
Strong rise in market cap last day also
- December 5 market cap increased by Rs 1,92,419 crore
- Market cap increased by Rs 73,305 crore on December 4
- Market cap increased by Rs 1,258 crore on December 1
- Market cap increased by Rs 56,743 crore on November 29
- Market cap increased by Rs 1.04 lakh crore on November 28
Performance of Adani Group companies in the month of November
LIC’s investment increased more than double
The country’s largest government insurance company LIC has also benefited from this tremendous growth in Adani Group companies. After Adani Group got a clean chit from America on Tuesday, shares have seen a rise of up to 20%.
LIC Holding In Adani Group Firms
| Company Name | Stake as on Dec 2022 | Post Hinderburg Low On | Market Value At The Lows (Rs crore) | Stake As On Sept. 23 | Market Value On Dec. 5 |
|---|---|---|---|---|---|
| Adani Ports & SEZ | 9.1% | Feb. 3 | 7,785 | 9.1% | 20,202 |
| Adani Enterprises | 4.2% | Feb. 3 | 4,961 | 4.2% | 14,280 |
| Ambuja Cements | 6.3% | Feb. 2 | 3,938 | 6.3% | 6,358 |
| ACC | 6.4% | Mar. 29 | 1,916 | 6.4% | 2,629 |
| Adani Green Energy | 1.3% | Feb. 28 | 943 | 1.4% | 2,895 |
| Adani Total Gas | 6% | May 19 | 4,192 | 6% | 5,810 |
| Adani Energy Solutions | 3.7% | Mar. 1 | 2,594 | 3.7% | 4,455 |
| 26,329 | 56,629 |
Due to this boom, LIC’s investment in Adani Group companies has more than doubled. On Tuesday, the value of LIC’s investment in Adani Group has increased to Rs 56,629 crore. After the Hindenburg report, there was a sharp fall in the shares of Adani Group, then Rs 30,000 crore has been recovered in LIC’s holding from the lower levels. LIC has holding in 7 companies of Adani Group, in which it has 9.1% stake in Adani Ports and 4.2% in Adani Enterprises.
