![Adani Group stocks rally; Enterprises surges 8%, Ports, Power hit new high 1 bs logo](https://thespuzz.s3.ap-south-1.amazonaws.com/thespuzz/uploads/2022/08/05041910/bs-logo.jpg)
Shares of Adani group companies were in demand on Thursday as they rallied up to 8 per cent on the BSE in the intraday trade amid report that Adani Enterprises may replace Wipro in the benchmark Sensex index.
“A formal announcement in this regard is expected on Friday as part of the semi-annual rebalancing exercise for BSE indices,” a Business Standard report said.
On the bourses, Adani Enterprises, the flagship company of the Group, surged 8 per cent to Rs 3,378.15, hitting a 52-week high in the intraday trade. The stock surpassed its previous high of Rs 3,349.35 touched on March 4, 2024.
Separately, shares of Adani Ports and Special Economic Zone hit a fresh all-time high of Rs 1,430.6 today, advancing 4 per cent on the BSE in the intraday trade, after a report said the Adani Group is set to invest $3 billion to expand its global ports capacity, targeting substantial acquisitions to strengthen its position along the vital trade corridor connecting India to Europe via Central and West Asia.
Shares of Adani Power (4 per cent at Rs 720), meanwhile, also hit their respective all-time high. Adani Total Gas, Adani Wilmar, Adani Energy Solutions, Adani Green Energy, and ACC were the other Adani group stocks that gained in the range of 2 per cent to 4 per cent. In comparison, the S&P BSE Sensex 1.04 per cent at 01:36 PM.
Adani Group is among India’s top business houses with an integrated energy and infrastructure platform in India and a long track record of successfully executing large-scale projects.
It is one of India’s largest listed business incubators in terms of market capitalisation and is driven by the philosophy of incubating businesses in four core industry sectors – energy and utility, transportation and logistics, consumer, and primary industry. It represents an effective complement of established and developing businesses which address the needs of India.
Adani Enterprises’ strategic business investments are centered around green hydrogen ecosystem, airport management, data center, roads and primary industries like copper and petrochem – all of which have significant scope for value unlocking, the company said.
First Published: May 23 2024 | 2:43 PM IST