Adani Energy Solutions Ltd Witnesses 8.76% Surge on NSE

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Adani Energy Solutions Ltd Witnesses 8.76% Surge on NSE

Adani Energy Solutions Ltd Witnesses 8.76% Surge on NSE

The rebound of Adani Group on a growth path is witnessed in their share price. Adani Power shares set a new high, recording multibagger gains of 670% in just three years on Friday, 31 May 2024. Speaking of today’s session, Adani Energy Solutions Ltd stands at Rs 1221.2, up 8.76% on NSE. The share price of Adani Grup is up 47.49% in the last year comparatively to a rise of 24.82% in NIFFTY and a 79.1% rise in the Nifty Energy index. Over the last three days, the performance of Adani Group in the share market has been positive. The conglomerate increased for a third straight session on Monday, June 3. 

The benchmark NIFTY is up around 3.01% on the day and stood at 23209. On Sensex, Adani Energy Solutions Ltd is at 76202.69 which showcases the rise of 3.03%. In the last one month, the conglomerate has added 15.37%. Adani Energy Solutions Ltd is a constituent of the Nifty Energy index, which has gained roughly 7.34% over the past month and is currently trading at 40255.5, up 6.34% for the day. Today’s volume in the stock was 59.59 lakh shares, compared to the previous month’s daily average of 18.38 lakh shares. 

Following the impact of a short-seller report, the majority of Adani Group stocks have recovered their market value, with the power and ports industries leading the recovery. As of January 24, 2023, six of the conglomerate’s eleven companies had returned to their previous levels. At present, the market cap of Adani Power Ltd is Rs 2.39 lakh crore. The intraday highs of Adani Green Energy Ltd. ACC Ltd. Adani Enterprises Ltd. and Ambuja Cements Ltd. also exceeded the closing levels of 24 Jan 2023. 

As of right now, the Adani Group has recovered the whole market capitalisation that was noted prior to the report published in January of last year by US-based short seller Hindenburg. In early trade on Monday, the market capitalisation of eleven listed group firms surpassed Rs 19.7 lakh crore, rising by roughly Rs 2.16 lakh crore after nearly 500 days. Intraday, the market capitalisation of the group increased up to Rs 2.17 lakh crore. At 2:52 PM on Monday, 3 June 2024, the market capitalisation of the group increased by Rs 1.64 lakh crore to Rs 19.18 lakh crore. 

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The Adani Group’s operating profit, or Ebitda, increased by 45% to a record-breaking high of Rs 82,917 crore, driving a 70.8% increase in the bottom line to a record high of Rs 40,129 crore. Particularly, Adani Enterprises increased by 5.2 per cent, Adani Green Energy by 9.2 per cent, Adani Ports by 8.8 per cent, Adani Wilmar by 3.5%, Adani Energy Solutions by 9 per cent, Ambuja by 3.7 per cent, Adani Power by 12.4 per cent, NDTV by 6 per cent, ACC BY 2.6%, and Adani Total Gas by 10 per cent. 

Apart from that, the market capitalisation of Adani Group witnessed a downfall below Rs 7 lakh crore towards the end of February 2023 before getting the rebound.

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