Adani Group shares rally; Adani Green, Adani Gas, Adani Ent gain over 6%

Adani Ports and Special Economic Zone, Adani Power, and Adani Transmission were up in the range of 1 per cent to 3 per cent.

Shares of Gautam Adani-led Adani Group companies were in focus with Adani Green Energy, Adani Gas and Adani Enterprises rallying up to 10 per cent on the BSE on Wednesday in the afternoon deal in an otherwise range-bound market.

Adani Ports and Special Economic Zone (SEZ), Adani Power, and Adani Transmission were up in the range of 1 per cent to 3 per cent. In comparison, the S&P BSE Sensex was down 0.09 per cent at 38,865 points at 01:28 pm.

Adani Green Energy was locked in the upper circuit limit of 10 per cent at Rs 546, also its record high on the BSE. It rallied 20 per cent in the past two trading days from the level of Rs 454 on Monday, August 31.

Adani Green Energy on Tuesday informed that Mercom Capital has ranked the Adani Group as the number 1 global solar power generation asset owner in terms of operating, under construction, and awarded solar projects. Adani’s renewable energy portfolio exceeds the total capacity installed by the entire United States solar industry in 2019 and will displace over 1.4 billion tonnes of carbon dioxide over the life of its assets, the press release added.

Adani Enterprises moved higher by 7 per cent to Rs 302 on the BSE. The stock had hit a 52-week high of Rs 323 on August 25, after the company announced Adani Airports to acquire a controlling interest in Mumbai Airports.

Adani Airports, a subsidiary of Adani Enterprises, the flagship Company and in-house incubator of the Adani Group, won the mandate to modernise and operate six airports such as Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram through a globally competitive tendering process conducted by the Airports Authority of India (AAI). Adani Airports will operate, manage and develop all these six airports for a period of 50 years.

“The addition of the Mumbai International Airport and the Navi Mumbai International Airport to our existing portfolio of 6 airports provides us a transformational platform that will help shape and create strategic adjacencies for our other B2B businesses. This acquisition helps us redesign the way we will serve our customer base and bridge our B2C and B2B business models,” Gautam Adani Chairman, Adani Group said in a media statement.

Among other Group stocks, Adani Gas soared 8 per cent to Rs 192. It was trading close to its 52-week high level of Rs 197 touched on August 26, 2020.