Week In Review: Adani Stocks Continue To Surge To Propel Gautam Adani To The Top Spot On Rich List

This week witnessed a positive uptrend in the Adani Group stocks, with Adani Ports taking the lead in gains. A series of events during the week contributed to this surge in Adani stocks.

At the start of the week, Adani’s joint venture with Mumbai's slum rehabilitation authority announced their global team for the revamp of Dharavi, one of Asia’s largest slums. This news was followed by a Ventura analysis predicting a 34% upside for Adani Power, despite its previous setback due to the Hindenburg report.

StockOpenCloseWeekly MovementWeekly % Change

Adani Enterprises opened at ₹2,852.30 on Monday and ended the week on a high note at ₹3,006.60, marking a weekly climb of ₹154.30. This signifies a 5.41% ascent over the week.

However, the star performer was Adani Ports, which rose from ₹1,026.55 at the beginning of the week to ₹1,154.25 on Friday. This translates into a weekly gain of ₹127.70, or a whopping 12.44% increase in its share price. The monthly business update of Adani Ports, showing a significant 42% growth in cargo volumes, likely contributed to this uptick.

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Adani Green also had a satisfactory week, with its share price moving up from ₹1,598.00 to ₹1,674.00, a weekly rise of ₹76.00, or 4.76%.

On the other hand, Ambuja Cements had a relatively modest week. Its shares had a weekly movement of ₹21.50, rising from ₹520.85 to ₹542.35. That’s a 4.13% increase, trailing behind the other Adani stocks.

Among the other Adani Group stocks, Adani Total Gas and Adani Energy Solutions also witnessed significant gains, posting weekly percentage changes of 9.89% and 11.92% respectively.

A significant event during the week was the Supreme Court’s decision to dismiss petitions related to the Hindenburg case against Adani, resulting in a positive impact on Adani stocks. Additionally, Gautam Adani reclaimed his spot as the richest man in India, surpassing Mukesh Ambani.

In conclusion, it was a favourable week for the Adani Group stocks, with all stocks closing higher than their respective opening prices. While Adani Ports emerged as the top performer, Ambuja Cements lagged behind in terms of weekly gains.

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