scorecardresearchAdani stocks gain m-cap for fourth consecutive week; Adani Green biggest

Adani stocks gain m-cap for fourth consecutive week; Adani Green biggest contributor

Updated: 24 Mar 2023, 05:52 PM IST
TL;DR.

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.

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.

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.

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 NameClosing Price as on March 17 (Rs)Closing Price as on March 24 (Rs)% ChangeMarket cap this week (  crore)
Adani Power Ltd199.95192.6- 3.7%-2,830
Adani Enterprises Ltd1,8771,741-7.2%-14,813
Adani Total Gas Ltd8981,00712.1%11,957
Adani Transmission Ltd 1,0221,12410%11,171
Adani Green Energy Ltd8161,02926%33,189
Adani Ports & Special Economic Ltd680638-6.2%-11,371
Adani Wilmar Ltd428408-4.7%-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.

 

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Exposure to Adani group.
First Published: 24 Mar 2023, 05:52 PM IST