Adani Group stocks extend gains for second consecutive session; m-cap rises to Rs 2.6 lakh crore

Adani group stocks extended gains for the second consecutive session on Monday. This comes as the Indian equities are witnessing a bull run after the exit poll results that predicted a 3rd consecutive win for the BJP led NDA. Over these two sessions, the Adani group stocks added over Rs 2.6 lakh crore to its market capitalisation.

Adani group stocks rally

Adani Power saw the highest surge of 12% on Monday, followed by Adani Energy Solutions that jumped 8%. Meanwhile, Adani Enterprises, Adani Green Energy and Adani Total gas surged 7% each.

As per Moneycontrol, Adani Power alone added Rs 4,70,000 crore to its total market cap, which now exceeds Rs 3.3 lakh crore in the past two sessions. Adani Enterprises bolstered its market cap by over Rs 61,000 crore, reaching a total of over Rs 4 lakh crore.

The report also mentioned that Adani Green and Adani Ports each saw an increase of over Rs 42,000 crore in market cap, while Adani Total Gas experienced a rise of over Rs 21,000 crore during the same period. Ambuja Cement and Adani Energy also made significant strides, adding over Rs 13,000 crore each to their respective total market caps. Total mcap of Adani group firms stands near Rs 19.65 lakh crore from Rs 17 lakh crore two day's ago.

Adani group's performance

In FY24, the Adani Group's EBITDA surged by 40% YoY to Rs66000 crore. This was fueled by Adani Power's EBITDA doubling. This doubling in Adani Power's EBITDA was driven by capacity expansion, increased volumes, merchant contributions, and lower imported coal prices.

"Adani Group's MCap was hit by a short seller report in late FY23. During FY24, the group focused on containing debt, reducing founders' share pledge. Total group EBITDA grew 40% YoY in FY24 (5yr CAGR:+27%), group raised fresh funds from equity/debt/strategic investors, promoter increased stake in group Cos and group Mcap rebounded. The group is back on expansion spree and eyeing USD90bn capex over next decade. In the report, we discuss the group's FY24 perf and way ahead", Jefferies India said in its note

Also watch: Indian stock market cheers exit poll predictions of BJP victory; Sensex, Nifty at record highs