Adani group stocks rally up to 13%, market-cap nears 12 lakh crore – Times of India

MUMBAI: The 10 stocks belonging to the Adani Group rallied up to 13% in early trades on Monday and closed up to 9.4% higher as a rally on Dalal Street took the sensex and Nifty to new all-time highs.
The day’s rally in these stocks added Rs 72,858 crore to the group’s combined market value, with the total now just a tad off the Rs 12 lakh crore mark, BSEdata showed.This was the first time that the Group stocks hit the Rs 12 lakh crore mark after facing a rout early this year following a report by US short sellerHindenburg Research that alleged financial wrongdoing and stock manipulation by the conglomerate. However, the company denied all the allegations.

Among the Adani Group companies, Adani Green Energy rallied to close 9.4% higher at Rs 1,123 while Ambuja Cements gained 7.3% to close at Rs 474. Other top gainers were group flagship Adani Enterprises, up 7.1% and ACC, up 6.3%. Adani Enterprises also added about Rs 19,000 crore to its market cap which is at Rs 2.9 lakh crore.
The day’s rally will add to the personal net worth of group chairman and main promoter Gautam Adani, who last week re-entered the list of the 20 richest people in the world. Following the Hindenburg report, within five weeks, its market cap had dipped from Rs 19.2 lakh crore to below Rs 7 lakh crore. At the current level, it’s still about Rs 7.2 lakh crore of the pre-Hindenburg level.
Only two stocks – Adani Power and Adani Ports & SEZ – are now above the level they were before January 24 this year.
Stock prices of Adani group companies have been on the rise since last week after the Supreme Court on November 24 reserved its verdict on a batch of petitions seeking examination of allegations of fraud against the conglomerate.