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Shares of all Adani companies rose, led by Adani Power Ltd. and Adani Energy Solutions Ltd., all of which rose above 4%.
Adani Power continued its rally for the second day after GQG Partners and its associates bought stake worth Rs 8,700 crore, or about $1.1 billion, in the company. The investor now holds 29.81 crore shares, or 7.73% stake, as of Aug. 16.
Adani Energy Solutions (erstwhile Adani Transmission Ltd.) also rose over 4%, continuing its rally from previous sessions. Last week, Gelt Berry, bought 2.38 crore shares, or 2.13% stake in the company, between Aug. 3 and Aug. 14, through open market transactions. The company also signed a deal with Megha Engineering and Infrastructures Ltd. to acquire KPS 1 Transmission Ltd. It also initiated arbitration proceedings against Gujarat Energy Transmission Corp. and expects to claim Rs 99.76 crore for work done on the 400 kV D/C Mundra-Zerda transmission line.
New Delhi Television Ltd., Adani Enterprises Ltd., Adani Wilmar Ltd., Adani Total Gas Ltd., Adani Green Energy Ltd., and Adani Ports and Special Economic Zone Ltd. also rose over 1% in trade.
The group’s market capitalisation rose by as much as Rs 34,250 crore to Rs 11.30 lakh crore in early trading. The group stocks, however, pared some of the gains and the market cap was up Rs 24,846 crore at Rs 11.21 lakh crore at 10:40 a.m.
