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Adani Group stocks rallied on Monday despite lacklustre demand in broader markets. All Adani stocks were on a bull run and closed with an upside ranging from nearly 2% to 15%. The stellar performance comes after the Group confirmed its participation in the open bidding process for 5G space. Massive buying was seen in Adani Green Energy, Adani Total Gas, and Adani Transmission, while Adani Power and Adani Wilmar hit 5% upper circuit. Adani Enterprises and Adani Port also made substantial gains.
On BSE, Adani Green Energy shares closed at ₹2,209.80 apiece today up by ₹288.90 or 15.04%. The shares have touched an intraday high of ₹2,275 apiece. At the current price, the company's market cap is around ₹3,50,039.50 crore. This stock made the highest gain compared to its siblings.
Meanwhile, Adani Total Gas shares ended at ₹2,714.15 apiece up by ₹172.80 or 6.80% after touching an intraday high of ₹2,775.85 apiece. Its market cap was slightly shy of ₹3 lakh crore mark as valuation currently stands at ₹2,98,504.95 crore.
As for Adani Transmission, the shares ended at ₹2,697.40 apiece on BSE higher by ₹151.15 or 5.94%. The shares had gained to an intraday high of ₹2,750 apiece earlier today. Its market cap reached ₹3,00,893 crore.
Adani Power shares finished at 5% upper circuit at ₹284.95 apiece. Its market valuation is around ₹1,09,903.48 crore.
While Adani Wilmar shares also closed at 5% upper circuit at ₹617.25 apiece on BSE. The company's market cap is around ₹80,222.66 crore.
Adani Ports shares climbed ₹13 or 1.82% and closed at ₹729 apiece. The shares were near the day's high of ₹731.95 apiece. Its market valuation stands at ₹1,53,992.01 crore. Last week, the company appointed D. Muthukumaran as the Chief Financial Officer and Key Managerial Personnel with effect from July 25, 2022.
Adani Group's flagship company, Adani Enterprises shares finished at ₹2,371.55 apiece up by ₹78.50 or 3.42% on BSE. The shares had touched an intraday high of ₹2,384.95 apiece earlier today. Its market cap is around ₹2,70,356.97 crore.
On Saturday, Adani Group in its statement said, "as India prepares to roll out next-generation 5G services through this auction, we are one of the many applicants participating in the open bidding process."
"We are participating in the 5G spectrum auction to provide private network solutions along with enhanced cyber security in the airport, ports & logistics, power generation, transmission, distribution, and various manufacturing operations," the Group added.
If the Group wins the 5G spectrum in the open bidding, the conglomerate said it will also align with their recent announcement of significantly increasing the Adani Foundation's investments in Education, Healthcare, and Skill Development in rural areas, each of which stands to benefit from 5G technology.
Additionally, the Group plans to build its own digital platform encompassing super apps, edge data centres, and industry command and control centres as they will require ultra high-quality data streaming capabilities through a high frequency and low latency 5G network across all their businesses.
Notably, later this week, Adani Enterprises, Adani Port, and Adani Total Gas shares will turn ex-dividend on July 14 ahead of their record date on July 15.
Adani Enterprises announced a dividend of Re 1 each (@100%) for FY22, while Adani Ports announced a dividend of ₹5 each (@250%), and Adani Total Gas has declared a dividend of Re 0.25 (@25% per equity share for the same fiscal.