Seven Adani Group companies saw a net gain of ₹24, 730 crore in market cap this week, with Adani Green Energy Ltd contributing ₹33,189 crore, Adani Total Gas Ltd adding ₹11,957 crore, Adani Transmission Ltd chipping in with ₹11,171 crore and the rest losing between ₹2,000 crore and ₹15,000 crore.
In Friday's trading session, Adani Enterprises Ltd, and Adani Ports & Special Economic Zone Ltd were the major laggard of Nifty 50, losing nearly 3% each. Adani Power Ltd and Adani Wilmar Ltd closed 3-4% lower.
Out of the seven Adani group companies, Adani Green Energy Ltd, Adani Total Gas Ltd, and Adani Transmission Ltd were the gainers for today as well as the entire week.
Scrip Name | Closing Price as on March 17 (Rs) | Closing Price as on March 24 (Rs) | % Change | Market cap this week ( ₹crore) |
Adani Power Ltd | 199.95 | 192.6 | - 3.7% | -2,830 |
Adani Enterprises Ltd | 1,877 | 1,741 | -7.2% | -14,813 |
Adani Total Gas Ltd | 898 | 1,007 | 12.1% | 11,957 |
Adani Transmission Ltd | 1,022 | 1,124 | 10% | 11,171 |
Adani Green Energy Ltd | 816 | 1,029 | 26% | 33,189 |
Adani Ports & Special Economic Ltd | 680 | 638 | -6.2% | -11,371 |
Adani Wilmar Ltd | 428 | 408 | -4.7% | -2,574 |
Total | 24,730 |
On Thursday, Kapil Shah, Technical Analyst, Emkay Global and Technical Trainer, Finlearn Academy, said that Adani Green Energy is up by nearly 114% from the bottom after decline of 85%. The stock has breached immediate resistance of ₹900 level which is a positive sign. The stock has next best resistance at ₹1,200 level.
According Shah, Adani Transmission has recovered by 74% from the bottom after the fall of 85% from the top. But recent rise looks very small as against the overall fall. The stock can hold its short-term positive momentum as far as it sustains above ₹960 level.
Adani Total Gas has recovered from the bottom by 50% after mayhem of 83% decline from the top. Moving above ₹1,000 level can give further strength up to ₹1,100 level but overall underlying tone remains negative.
On Wednesday, the NSE and BSE announced that starting on Thursday, Adani Power will be covered under the short-term additional surveillance measure (ASM) framework. Adani Power closed 1.3% lower on Thursday's trade.
According to the notice, Adani Power has been shortlisted for the Stage-I of the short-term ASM framework.
The shift was made shortly after the two exchanges moved the Adani group's stocks, NDTV and Adani Green Energy, from Stage II to Stage I of the long-term ASM framework on Monday.
The stock exchanges stated that the shortlisting of securities under ASM is solely due to market monitoring and should not be interpreted as a negative action against the mentioned company.
Also Read: What is the significance of market capitalisation and how is it calculated?
Last week, seven Adani Group companies witnessed a net gain of ₹16,094 crore in market cap.