Adani Green, Adani Power, Other Group Stocks Surge Up To 9%; M-Cap Zooms By Rs 27,000 Cr

Adani Green, Adani Power, Other Group Stocks Surge Up To 9%; M-Cap Zooms By Rs 27,000 Cr

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With the gains, Adani Group stocks added nearly Rs 27,000 crore to investors’ wealth, thus pushing the group’s market cap to around Rs 13.6 lakh crore

Adani Stocks Gain Today

Most Adani Group stocks posted sharp gains on December 12, with Adani Green Energy leading the charge, driving the conglomerate’s market capitalization up by Rs 27,000 crore.

Adani Green Energy’s subsidiary commissioned a 250 MW solar power project in Rajasthan, increasing its total operational renewable energy capacity to 11,434 MW. As a result, shares of Adani Green Energy rose by 8.78%, reaching Rs 1,249 on the NSE.

Other Adani Group stocks, including Adani Power, Adani Total Gas, NDTV, and Adani Ports, saw gains ranging from 2% to 5%. The only exception was Ambuja Cements, which was down by about 0.3% by 11:50 AM.

With these gains, Adani Group stocks contributed nearly Rs 27,000 crore to investors’ wealth, boosting the group’s market capitalization to approximately Rs 13.6 lakh crore.

Meanwhile, Mint reported, citing sources, that the conglomerate has begun talks with several investors and banks to refinance $1.1 billion worth of loans for Adani Green Energy Ltd. The group is in discussions with domestic financial institutions, as well as investors and lenders from the Middle East, Europe, and Japan, for a private placement to refinance these loans. The loans, borrowed from a group of overseas banks, are due for repayment in March. The Adani Green projects linked to these loans are primarily secured by 25-year power purchase agreements, ensuring steady cashflows.

In recent weeks, the Adani Group has faced increased scrutiny, with US prosecutors charging founder Gautam Adani in connection with a $250 million (~Rs 2,100 crore) bribery scheme to secure solar energy contracts in India. The indictment, filed in Brooklyn, New York, accuses Adani, along with Sagar R Adani and Vneet S Jaain, of orchestrating a scheme involving false statements to US investors and violations of federal laws. The charges also allege efforts to obstruct justice by deleting electronic evidence and misleading the Justice Department, Securities and Exchange Commission (SEC), and FBI. Additionally, the SEC has filed a separate civil lawsuit.

News business » markets Adani Green, Adani Power, Other Group Stocks Surge Up To 9%; M-Cap Zooms By Rs 27,000 Cr

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