Download Unicorn Signals App

Powered By EquityPandit
 Signals, Powered By  EquityPandit
MARKETS

Adani Wilmar, Adani Power Freeze at 5% Upper Circuit, Ambuja Cements Up 4%

Picture Source: Internet

Shares of Adani Group of companies were in focus on Thursday, with Adani Wilmar (Rs 746.65) and Adani Power (Rs 370.30) locked in highs of 5% on the BSE.


Shares of Ambuja Cements, Adani Green Energy (AGEL), Adani Total Gas, Adani Enterprises (AEL) and Adani Transmission rose 2% to 4%. In contrast, the S&P BSE Sensex was up 0.7% at 58,469 at 1:48 pm.


Most of these stocks pulled back sharply on Monday due to profit-taking. The stocks have corrected 22% from their all-time highs in August and September this year.


However, over the past year, the market prices of three of the Adani Group companies – Adani Power (up 265%), Adani Total Gas (up 135%) and AEL (up 122%) have doubled some time. Adani Transmission and Adani Green appreciated 92% and 82%, respectively. By contrast, the S&P BSE Sensex fell 1.5% over the same period.


Among individual stocks, AEL was up 2.4% at Rs 3,317.50, up 5% on the BSE in the past two sessions. Shares in Adani Group’s flagship company fell for the seventh day in a row, falling 15% between September 22 and October 3. It has corrected 19% from a record high of Rs 3,885 touched on September 20.


AEL said the company would engage with analysts/investors on Thursday, October 13, 2022. AEL is one of the fastest-growing diversified businesses offering various products and services. The company operates as an incubator, building new businesses in transportation and logistics, energy and utilities, and its increasing focus on direct-to-consumer businesses.


Spitze Trade and Investment Limited, one of the promoters of AEL, acquired 3.98 million shares for Rs 1,454 crore, representing 0.35% of the company’s total share capital. The promoters bought shares in the company through the open market between September 9 and September 28, exchange data showed.


AGEL has one of the largest renewable energy portfolios in the world, with a total portfolio of 20.4 GW, including assets in operation, under construction and awarded to meet the needs of investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar, wind and hybrid power plants. AGEL’s main customers include SECI, National Thermal Power Company (NTPC) and state discoms.

Get Daily Prediction & Stocks Tips On Your Mobile