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Stocks of four Adani Group companies hit their 5 per cent upper circuit on Thursday, extending the rally to the seventh consecutive day. According to the data from BSE, shares of Adani Total Gas, Adani Green Energy, Adani Power and Adani Transmission were up 5 per cent, locked in their upper circuits.
The share price of Adani Wilmar was also up over 2 per cent. As of 02:15 PM, it was trading at 472.65 apiece. The shares of NDTV, owned by Adani conglomerate, were also up over 1 per cent and were trading at Rs 245.10 at BSE.
However, the share price of Adani Enterprises was down 4.62 per cent. The share price of Adani Ports and SEZ was also down nearly 3 per cent at Rs 692.30 as of 02:15 PM.
Why are Adani Group stocks rallying?
The rally in Adani stocks had begun after the group started roadshows to convince investors of the strength of its balance sheets. The international roadshow began in Singapore and Hong Kong before moving to Dubai and London and will continue in the US.
Additionally, last night it was reported that Gautam Adani and his family had prepaid all loans backed by the company shares.
The US-based GQG Partner also recently invested over Rs 15,000 crore in four Adani companies. It is likely to expand its investment in the group.
According to the company's founder Rajiv Jain, "Chances are we'll probably buy more because we typically initiate a position, and then depending on how things go and how the earnings come, though we tend to get it to full size because we're not at full size at this point."
NSE has placed Adani Enterprises, Adani Power, and Adani Wilmar under the short-term additional surveillance mechanism framework with effect from today. This is done to protect investors from speculative trade.
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First Published: Thu, March 09 2023. 14:39 IST
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