Adani Enterprises, the flagship company of the Adani Group, entered the top 10 most valuable companies in India by market capitalisation after its share price rose nearly 19% last week.

The stock hit a new high of Rs 3,967 in intraday trade on Monday, rising 3.5% on the BSE. The stock rallied for an eighth straight session and rose 20%. In the past week alone, the stock has gained 19%, compared with the S&P BSE Sensex’s 0.45% gain and the Nifty50’s 0.85% gain.

Adani Enterprises has a market capitalisation of Rs 4.52 trillion as of 10:06 am, ranking ninth in the overall market capitalisation ranking, BSE data shows. Today, the company surpasses fast-moving consumer goods (FMCG) company ITC and housing finance company Housing Development Finance Corporation (HDFC) in the market capitalisation ranking.

In the July-September quarter (Q2FY23), Adani Enterprises’ consolidated net profit doubled from the previous year to Rs 461 crore. The company’s consolidated revenue also nearly tripled year-on-year to Rs 38,175 crore. Comprehensive Ebitda rose 69% year-on-year to Rs 2,136 crore.

“The strong growth in revenue and operating performance was driven by strong earnings shown by the Integrated Resource Management business and vertical airports,” the company said.

Adani Enterprises’ strategic business investments revolve around green hydrogen ecology, airport management, roads, data centres, and primary industries such as copper and petrochemicals, all of which have huge potential for value release. Through Adani New Industries Ltd (ANIL), the group has recently produced renewable energy and downstream products (ammonia, urea and methanol) and downstream products (ammonia, urea and methanol) such as green H2 and downstream products (ammonia, urea and methanol) A respected incubator, Adani Enterprises (AEL) aims to be a major global leader in the green H2 ecosystem.

Analysts at Ventura Securities have a “buy” rating on AEL with a price target of Rs 4,310 per share. In its September report, the brokerage said the sharp re-rating was based on the strong visibility of the green H2 ecosystem (which is rapidly building) and the inclusion of AEL in the Nifty50 stock, which sparked a flurry of new demand.

The rapidly changing geopolitical situation, especially in Europe, has raised the need to accelerate the implementation of alternative green energy sources. As such, it added, the visibility of green H2 yields of around 2.5 mmtpa has been upended.

In addition, the brokerage believes that AEL will explore green energy opportunities globally, and any related announcements could lead to a further revaluation of the stock beyond their expectations. Another trigger for the re-rating is the possibility of selling a stake to a strategic investor in the airport business and announcing a listing timetable, it added.