Adani Stocks Go All In Green, Several Hit Upper Circuit: Is Path To Recovery Here After Key Wins?

Five of the 10 listed stocks of the Adani Group hit the upper circuit as the markets opened on Thursday. 

What Happened: Stocks of the group that have been tanking at the stock market showed signs of recovery after the group's flagship company Adani Enterprises posted strong Q3 numbers.

Adani Green Energy, Adani Transmission, Adani Power, Adani Wilmar, and NDTV hit upper circuit at market open on Thursday. All the other stocks of the company except Adani Total Gas were also in the green.

The stocks also received a boost as global index provider Morgan Stanley Capital International announced delaying the weightage reduction of two companies of the group until its next review in May. Earlier this month, MSCI announced weight reductions in Adani Enterprises, Adani Total Gas, Adani Transmission, and ACC. Now that change has been delayed for Adani Total Gas, and Adani Transmission.

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Markets also seem to be reacting positively to reports that the group has hired banks to hold meetings with fixed-income investors on behalf of some of the group's companies.

According to media reports, Barclays, BNP Paribas, DBS Bank, Deutsche Bank, Emirates NBD Capital, ING Groep NV, MUFG, Mizuho, SMBC Nikko, and Standard Chartered Bank will be organising the call scheduled on Feb.16 and Feb. 21.

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

Adani Enterprises shares traded 3.18% higher at ₹1,835.00.

Adani Green Energy was up 3.62% to trade at ₹643.20.

Adani Ports & SEZ was up 2.64% to trade at ₹584.

Adani Power shares jumped 5% to hit upper circuit at ₹147.90.

Adani Total Gas shares traded 2.02% lower at ₹1,057.50.

Adani Wilmar was up 4.22% to trade at ₹414.00.

Adani Transmission shares were up 1.58% to ₹1,033.15.

Ambuja Cement shares traded 1.38% higher at ₹349.35. ACC shares traded 1.07% higher at ₹1,871.35.

NDTV was up 5% to hit upper circuit of ₹207.5.

Read Next: Reliance Shares Jump Another 2%: What’s Driving The Momentum?

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Posted In: adani green energyAdani GroupAdani PowerAdani Total GasAdani WilmarMorgan Stanley Capital InternationalmsciNDTV