Seven Adani Group companies witnessed a net gain of ₹16,094 crore in market cap this week, with Adani Green Energy Ltd adding ₹20,834 crore, Adani Transmission Ltd adding ₹12,957 crore and the rest losing between ₹1,000 crore and ₹6,000 crore.
In Friday's trading session, all the seven stocks ended in green, however, for this week, Adani Total Gas Ltd and Adani Wilmar Ltd lost over 5%, Adani Power Ltd and Adani Ports & Special Economic Zone Ltd lost over 2%, and Adani Enterprises Ltd 1%.
Adani Green Energy (gained 19.5%) and Adani Transmission (13%) were the only gainers from the Adani universe for this week.
|Scrip Name||Closing Price as on March 10 (Rs)||Closing Price as on March 17 (Rs)||% Change||Market cap this week ( ₹crore)|
|Adani Power Ltd||204.9||199.95||-2.4%||-1,906|
|Adani Enterprises Ltd||1,896||1,877||-1%||-2,120|
|Adani Total Gas Ltd||949.6||898||-5.4%||-5,652|
|Adani Transmission Ltd||904.45||1,022||13%||12,957|
|Adani Green Energy Ltd||682.7||816||19.5%||20,834|
|Adani Ports & Special Economic Ltd||697.8||680||-2.6%||-4,685|
|Adani Wilmar Ltd||453.5||428||-5.6%||-3,335|
According to Kapil Shah, Technical Analyst, Emkay Global and Technical Trainer, Finlearn Academy, after the strong selling pressure, Adani stocks have started to recover. Some of the stocks like Adani Green Energy have recovered almost 70% from bottom but still have a long way to fully recover the lost ground.
Among all Adani group stocks, Adani Port & Special Economic Zone looks strong stock as it has moved above strongest red candle. Stock moving above strongest selling point can be considered as strong counter. Adani Port & Special Economic Zone can see an upside up to ₹750 to ₹770 level, said the analyst.
Adani Green has been hitting the upper circuit for the past 12 trading sessions. The stock has strong resistance at ₹890 level. As compared to fall, recent upside move can be considered as ‘dead cat bounce’. Whereas, Adani Wilmar stock is under the negative movement. Recent upside movement led the stock to resistance of ₹485 level followed by selling pressure. The stock can continue its negative movement, added Kapil Shah.
Following the announcement that the group has completely prepaid share backed financing totaling $2,15 billion, ahead of the timeline of March 31, the four Adani group companies—Adani Power, Adani Green Energy, Adani Total Gas, and Adani Transmission—hit the 5% upper circuit level on Monday, March 13.
However, Adani Group companies continued to experience sell-off in a volatile market on Tuesday, March 14.
Last week, seven Adani Group companies gained ₹78,395 crore in market cap, with Adani Green Energy Ltd (gained market cap worth ₹18,868 crores) taking the lead followed by Adani Total Gas Ltd (gained market cap worth ₹18,345 crores).
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