Adani Enterprises Shoots Up Over 85% In 3 Days As Conglomerate Stocks Continue Rebound After Q3 Results

Nine of Adani Group stocks were in the green at market open on Wednesday.

What Happened: Several Adani Group Companies released their Q3 results on Tuesday. Adani Green''s profits more than doubled in Q3FY23 at ₹103 crore compared to ₹49 crore it reported in Q3FY22. The company's revenue from operations also rose over 40% year-over-year to ₹1,973 crore. 

Ambuja Cements also reported strong numbers for the quarter ended in December 2022. The company posted a 49% increase in standalone net profits at ₹369 crore. Its revenue from operations stood at ₹4,128 crore, an 11% increase from the year-ago period.

Adani Ports and Special Economic Zone reported a 16.15% YoY decline in net profit at ₹1,315.5 crore. However, it reported a 17.54% rise in revenue from operations at Rs 4,786.17 crore in the quarter ended 31 December 2022.

The company's CEO Karan Adani also informed that the company is planning to repay ₹5,000 crore in debt by the next financial year.

Earlier this week, Adani Group prepaid loans worth around ₹9,200 crore in a bid to boost investor confidence.

Price Action: This is how the Adani Group shares traded as the markets opened on Wednesday.

Adani Enterprises shares traded 4.80% higher at ₹1,888.95, over 85% higher than the 52-week low of ₹1,017.45 hit just 3 session ago.

Adani Green Energy was up 1.78% to trade at ₹858.15.

Adani Ports & SEZ was up 5.39% to trade at ₹583.8-.

Adani Power shares traded 1.12% higher at ₹175.05.

Adani Total Gas shares traded 5% lower at ₹1,394.15.

Adani Wilmar was up 2.69% to trade at ₹388.10.

Adani Transmission shares were up 3.20% to ₹1,291.70.

Ambuja Cement shares traded 2.71% lower at ₹394.35. ACC shares traded 1.54% higher at ₹2,026.30.

NDTV was up 0.90% to trade at ₹218.45.

See Also: SBI’s Exposure To Adani Group Not A Major Cause Of Concern, Says Top Global Credit Analyst