All ten Adani Group companies - Adani Enterprises, Adani Ports, Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Wilmar, Adani Power, ACC, Ambuja and NDTV have seen a sharp surge in trade on Friday. The surge has taken the group's overall market capitalisation back above the Rs 11 lakh crore mark for the first time since February this year.

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Adani Group companies like Adani Enterprises, Ports and others are trading with gains between 3-10 percent in a sudden surge.

Today's surge has also taken Adani Enterprises' market capitalisation back above the mark of Rs 3 lakh crore for the first time since May 23 this year.

Adani Group stocks have been in focus recently after a newspaper report suggested that the Abu Dhabi National Energy Company PJSC (TAQA) is evaluating an investment of up to $2.5 billion in the group's power business. TAQA is the second-largest stock on the Abu Dhabi Securities Exchange.

However, TAQA has mentioned that there is 'no truth' to the reported deal with the Adani Group, according to Bloomberg. Adani Transmission also clarified to the exchanges that it has not engaged with TAQA for an investment in the company.

Adani Power was another stock in focus through the week after GQG Partners bought 31 crore shares or over 8 percent of the company's total equity.

The Adani Group stocks saw significant correction from their highs earlier this year after a report from short-seller Hindenburg Research. Market regulator SEBI has sought another 15 days to submit its report to the Supreme Court.

After the significant correction, Adani Group companies have seen a sharp recovery from their lows. The group crossed the Rs 10 lakh crore market capitalisation mark in May this year and has added another Rs 1 lakh crore in the next three months.

Both Adani Enterprises and Adani Ports are currently the top two gainers on the Nifty 50 index.

First Published:Aug 18, 2023 12:11 PM IST