Adani group stocks gain for second week. add Rs 75,263 in market cap
Buoyed by the investment by US-based GQG, the beleaguered Adani group saw an increase in market value for a second straight week. The 10 group stocks added Rs 75,263 crore in market capitalisation this week to Rs 9.3 trillion. This despite some group companies, including flagship Adani Enterprises, shedding some gains amid weakness in the overall market in the past two trading sessions.
In the past fortnight, the Adani group has added over Rs 2.1 trillion in market value.
Star fund manager Rajiv Jain-led GQG’s $1.9 billion share purchase in four group firms from Adani promoters has eased concerns around high debt levels. Further, the move by the promoters to revoke pledged shares has also helped revive sentiment. After Hindenburg Research’s report on January 24, the group had shed over Rs 12 trillion in market cap.
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