Tag: adanigroup

Shares of Adani Enterprises Ltd gained 15% today after the flagship company of the Adani Group said its arm Mundra Aluminium Ltd has been declared as the preferred bidder for the Kutrumali bauxite block by the Odisha government. The stock has rallied over 30 percent in the last two days. After closing Tuesday's session higher by 14 percent, the group share rallied another 15 percent today to the day's high. Shares of all ten listed companies of the Adani Group climbed for the second straight day on Wednesday after taking a beating in recent sessions. The conglomerate's combined market capitalization jumped by ₹39,000 crore to above ₹7.50 lakh crore mark in today's trade. A recent Reuters report also noted that Adani Group plans to prepay or repay share-backed loans worth $690 million to $790 million by March end has also pushed the stock higher during the last two trading sessions. Read more

Shares of Life Insurance Corporation of India (LIC) hit a record low of Rs 568.25, down 3 percent on the BSE in Monday's intra-day trade, amid heavy volumes falling for the seventh day in a row, over concerns about the insurer’s exposure to the Adani Group. At the current level, LIC shares are available at a discount of 40 percent to the upper end of their IPO price range. According to a report, LIC has lost over Rs 20,000 crore of investment value in the Adani Group since January 30. The biggest fall in the value has been in Adani Total Gas and Adani Enterprises. Out of all the Adani Group stocks, LIC holds the maximum in Adani Ports followed by Adani Enterprises and Adani Total Gas. Since January 24, the market value of Adani Group company has fallen by up to 82 percent. Read more

Shares of Gautam Adani Group companies were under pressure on Tuesday, falling up to 5 percent on the BSE, as the benchmark index fell over 1 percent, as Adani Group is likely to file the red herring prospectus (RHP) with market regulator Sebi for its big-bang Rs 20,000 crores further public offering ( FPO) later this month, multiple industry sources with knowledge of the matter told Moneycontrol. The move is seen as a step towards fulfilling the ambitious expansion plans of the port to power diversified conglomerate which has seen group stocks sizzle on the bourses in the past few years. Among individual stocks, the Group's flagship company -- Adani Enterprises – slipped 5 percent to Rs 3,854.20 on the BSE in the intra-day trade today. With today's fall, the stock has corrected 13 percent from its record high level of Rs 4,189.10, touched on December 21, 2022. Read more

Shares of Ambuja Cements rallied 10 percent to hit a new high of Rs 568 on the BSE in Monday’s intra-day trade following Adani Group's plans to infuse Rs 20,000 crore more in the company. With that, the stock has breached its previous high seen on 16 September. On September 15, 2022, Ambuja Cement’s new board approved an infusion of Rs 20,000 crore in the company by way of preferential allotment of 477.5 million convertible warrants at a price of Rs 419 to Harmonia Trade and Investment (promoter entity) on a preferential basis. The company said the issuance of warrants can be exercised and converted into equity shares in one or more tranches within 18 months. Since then, hopes have been running high that the new management would increase its focus on capacity expansions, where both the companies have been lagging competition, which in turn had weighed on their market share. Read more

Adani Group is the world's largest renewable power generating company by 2030, as his group will invest USD 20 billion over the next 10 years in renewable energy generation and component manufacturing and will produce the world's cheapest green electron. The port-to-energy conglomerate plans to triple its renewable power generation capacity over the next four years, foray into green hydrogen production, power all data centers with renewable energy, turn its ports into net carbon zero by 2025, and plans to spend over 75 percent of capital expenditure until 2025 in green technologies, he said. Adani Group's "integrated value chain, our scale, and experience put us on the path to be the producer of the least expensive green electron anywhere in the world," he said. The announcement came weeks after India's richest man Mukesh Ambani announced an investment of Rs 75,000 crore (USD 10 billion) in clean power and hydrogen fuel over three years. Read more