Adani Group stocks trade in green today amid buzz that it may enter Sensex
2 min read . Updated: 06 Apr 2023, 10:53 PM IST
PremiumKey stocks of Adani Group including Adani Enterprise, Adani Transmission, Adani Ports, Adani Green, and Adani Wilmar, surged in intraday trade on Thursday
Many Adani group stocks registered a massive rally of as much as 5 per cent on Thursday. Adani Enterprises may enter the Sensex, in place of HDFC after the completion of its merger with HDFC Bank, according to report by ET.
Adani Enterprises could see around ₹1,000 crore or $120 million worth of shares being bought by passive funds, said ET in its report.
On Thursday, the Adani Enterprises scrip ended 3.24 per cent up at ₹1,752.95 per share in intraday trade on BSE on Thursday.
Following the trend, Adani Transmission shares were trading 5 per cent higher at ₹956.15 per share. Adani Ports shares jumped by 0.82 per cent to ₹641.80 apiece. Whereas, Adani Green and Adani Wilmar were trading 5 per cent and 3.60 per cent higher at ₹855.05 and ₹410 per share each.
Leading bourses NSE and BSE on Thursday said Adani Green Energy will be moved to the first stage of the long term additional surveillance measure framework from April 10.
On March 28, both the exchanges had put Adani Green Energy under the second stage of the long term Additional Surveillance Measure (ASM) framework.
In two separate circulars, the bourses said Adani Green Energy will continue in the framework but will be moved to respective lower stage ASM from April 10.
Notably, Adani group is planning to bolster its group-level operating earnings by nearly 50 per cent to around ₹91,000 crore over the next two fiscal years, reported Mint.
Adani officials outlined plans to lower the group's leverage ratio from 4.2 times now to 3.1 by the end of FY24, by increasing its earnings rather than focusing on cutting down on debts, said the report citing sources.
Recently, Adani's top investor expressed his confidence on the conglomerate to be a mltibagger in the coming time. Rajiv Jain of the GQG Partners Inc., who bought around $2 billion worth of Adani Group stock last month, expressed that the stock can deliver a return in excess of 100 per cent.
“These could be multibaggers" over five years, Rajiv Jain said in an interview at Bloomberg’s New York headquarters. The term comes from mutual fund manager Peter Lynch’s book and describes an investment that could at least double.
Rajiv Jain's Florida-based firm overseas more than $900 billion. The company's most high profile bet of the year was the acquisition of shares in four of Adani firms. The move came at a time, when Adani group's massive wealth worth $153 billion was wiped out after US based short seller Hindenburg alleged the conglomerate of brazen stock manipulation.
The Hindenburg report even said Adani was “pulling the largest con in corporate history." However, for Rajiv Jain the report read like a “10-year-old newspaper."