New Delhi:
A spectacular rise was seen in all the shares of Adani Group today, in which the shares of major companies like Adani Enterprises, Adani Green Energy, and Adani Power saw a tremendous rise. Shares of Adani Power rose by up to 4% in today’s trading. . With this rise, Adani Power registered the highest gain of 4.10%.
Around 9:45 am:
The group’s new partnerships and the recent decision of the Supreme Court are considered important behind this growth, which has increased confidence among investors. Adani Group is now moving towards expansion in new areas, which has further strengthened the confidence of investors.
Partnership in petrochemical business
Adani Enterprises has recently entered the petrochemical sector in collaboration with Thailand’s Indorema Resources Limited. Under this partnership, Adani Petrochemicals Limited and Indorema have formed a joint venture company named ‘Valor Petrochemicals Ltd’ with 50-50 percent stake. With this step, Adani Group’s business will expand into new areas, which will further strengthen its market position.
Adani Enterprises announced this joint venture to the stock exchange, after which it has received positive response from investors.
Supreme Court decision
Shares of Adani Power also saw a rise during this period. On Monday, the Supreme Court agreed to hear Adani Power’s appeal against the decision of Punjab State Electricity Regulatory Commission (PSERC). The case pertains to the Power Purchase Agreement (PPA) signed between Udupi Power Corp and Punjab’s discom in 2006, which PSERC had refused to approve. There are expectations of relief from the Supreme Court in this matter, due to which the shares of Adani Power rose by 4%.
Market cap of Adani Group companies crosses Rs 12.82 lakh crore
Due to the rise in the shares of Adani Group, the total market cap of all the listed companies of the group has now crossed Rs 12.82 lakh crore. Adani Group shares have seen an increase of more than Rs 16,000 crore in intraday trading.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)