Adani Group stocks were on fire on Tuesday and from modest gains of 2-5.2 per cent in morning trades on the NSE, they gained steam during the day to end 10-20 per cent higher and reached close to ₹14-lakh crore in market capitalisation, adding around ₹1.93-lakh crore in a single day.
At close, Adani Green Energy and Adani Energy Solutions were up 20 per cent, flagship Adani Enterprises was up 17 per cent, while Adani Ports and Special Economic Zone was up 15.3 per cent.
The Adani Group stocks had ended Monday with a market-cap of ₹11.95-lakh crore. The group’s market-cap has risen around ₹3.6-lakh crore since November.
Positive reports
The positive sentiments around the group got a boost from a Bloomberg report that said that the US International Development Finance Corporation had found that the allegations of corporate fraud by Hindenburg Research against Adani founder Gautam Adani were not relevant, prior to extending a $533-million loan to Adani Ports for a container terminal in Sri Lanka.
The performance of the Adani Group stocks were instrumental in propelling the benchmark index, the Nifty50, to close at record-highs. The two Adani stocks in the Nifty50, Adani Enterprises and Adani Ports contributed about 0.3 per cent gain in the index.
The market-cap of Adani Enterprises rose ₹48,809 crore in a single day, while Adani Ports contributed ₹29,043 crore to the total. Adani Green and Adani Energy Solutions added over ₹55,600 crore to the market-cap of the group.