On Monday, Adani group shares were trading higher, adding as much as Rs 1.14 lakh crore to investors' wealth. For the first time after the Hindenburg fiasco the total market capitalisation of the group has hit Rs 12 lakh crore.
Adani Green Energy was leading the gains with a jump of 8% in the afternoon trade. This was followed by Adani Enterprises extending a 7% gain. ACC, Ambuja Cements and Adani Energy Solutions was up 6%. The rest of the Adani group companies were also extending gains.
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Meanwhile, the Sensex and Nifty also hit an all-time high. Sensex surged over 1,000 and Nifty was above 20,550 in the early trade.
The rally in Adani shares come after the group announced its plans to spend Rs 7 lakh crore on its capital expenditure over the next 10 years. At an industry event on Friday, the group's Chief Financial Officer Jugeshinder Singh said that even though the group has a capacity to invest Rs 20 lakh crore it has stalled the move due to lack of high quality vendors.
"As we develop the vendor pool, our capex will go up. If we manage our core strengths of execution and operations to develop and run infrastructure properly, in a 25-year period we will invest up to Rs 80 lakh crore," Singh said.
He further said that the group will focus on the infrastructure business as the margins in FMCG are much lower.