Team News Riveting
Mumbai, April 6
Adani Group added another feather to its cap and became India’s third conglomerate to cross $100 billion in market capitalisation as shares of four of its six listed companies surged to an all-time high on Tuesday.
The total market cap of the six listed Adani Group companies, owned by billionaire Gautam Adani, stood at over $104 billion, according to BSE data.
On Tuesday, Adani Enterprises hit an all-time high of ?1202, up 5.6 per cent, Adani Total Gas rose 6 per cent to touch a record high of Rs 1248, Adani Transmission jumped 5 per cent to Rs 1147, and Adani Ports gained 4 per cent to an all-time high of Rs 791.
Adani Power rose 5 per cent to Rs 98.40, while Adani Green Energy gained 2.3 per cent to Rs 1194.
Adani Group follows Tata Group and Mukesh Ambani led-Reliance Group in the list. Tata Group’s current market cap was $242 billion while RIL Group’s was pegged at $190 billion.
Total five firms in Adani Group currently have a market cap of over Rs 1 trillion, while one — Adani Power Ltd — has an mcap of ?38,000 crore.
A slew of decisions taken by the company and its exemplary performance had drawn the interest of investors in the Adani Group over a period of time. It included Adani Ports acquiring 31.5 per cent in Gangavaram Port from Warburg, AGEL commissioning 100 MW wind power plant in Gujarat.
Adani Welspun also discovered gas in Mumbai Offshore’s Tapti-Daman Sector while Adani Ports bolstered its global footprint with Colombo Port’s West Container Terminal. AGEL raised USD 1.35 billion in one of Asia’s largest project financing deals. Adani Ports acquired a controlling interest of 58.1 per cent in Gangavaram Port while Adani Transmission acquired Warora-Kurnool Transmission from Essel for an enterprise value of Rs 3,370 crore.
In the last two years, the group has gained control of seven airports.
