As the Indian markets found a path to recovery on Tuesday, January 14, Adani company shares soared. The Indian indices Sensex and Nifty rose by just about half a per cent, after suffering major damages on Monday.
Adani Group Companies In Green
When we look at the Adani company shares, all major entities of the Gautam Adani-led group that are listed at the exchanges jumped in the intraday trade.
The star attraction of this rally in green has to be Adani Power. The shares of the energy company jumped by over 18 per cent in the day's trade on Tuesday.
Adani Power, Powers Through
After opening at Rs 460.00, higher than the previous day's closing of Rs 449.90 per share. As the day progressed, the shares of Adani Power flourished at the bourse.
Adani Power shares |
At the time of writing, the shares of the company jumped by a mammoth 18.17 per cent or Rs 81.75. The intensity of the rise in share prices has taken the overall of the company shares to Rs 531.65. The stock's 52-week high stands at Rs 895.85 per share.
What's The Reason Behind The Surge?
It was not just Adani Power, Adani Green and Adani Total has also saw their share prices rise in double digits.
This sudden surge is being attributed to speculation of a fresh round of fundraising to shore up the company's finances before the new fiscal year.
Previously, Adani has announced its decision to exit the Adani Wilmar joint venture. Adani raised Rs 4,850 crore by slashing 13 per cent of its stakes.
In August last year, Adani sold 2.8 per cent of its stakes in Ambuja Cement.
Amid these strategic decisions, the company's flagship listing Adani Enterprises also saw its shares rise in value.
Adani Enterprises shares |
At the time of writing Adani Enterprises saw its share price surge by 7.41 per cent or Rs 164.85, taking the overall value of the company shares to Rs 2,390.00 per piece.
