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Adani group market capitalization gains 11% in June quarter
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Adani group market capitalization gains 11% in June quarter
Jun 30, 2023 5:13 AM

Its yet another day when the Adani group stocks trade in the red. Adani Transmission is the biggest loser from the pack today as 3.8 crore shares or 3.45 percent of the company's total equity exchanged hands in three large trades on Friday. Adani Ports, Ambuja Cement, Adani Power, Adani Green- all trade between 1 to 2 percent lower at 2pm on June 30. The group collectively lose Rs 13,000 crore of market capitalisation today as barring Adani Total Gas, all group stocks are in the red.

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The group commands a market capitalisation of Rs 10.12 lakh crore, but still 47 percent lower to the prior Hindenburg report. Adani Total Gas which had the highest market capitalisation of Rs 4.3 lakh crore among the group companies, is down by 83.2 percent since the release of the report in January this year.

Similarly, for the June ended quarter, the shares of Adani Total Gas and Adani Enterprises both lose 24 percent, while Adani Green and Adani Wilmar are flat since the start of this quarter. Adani Enterprises shares gain the most with 37 percent rise. However, the group collectively has gained 11 percent in the June ended quarter.

The embattled Adani group is eyeing a 20 percent year-on-year growth in pre-tax profits to reach Rs 90,000 crore EBITDA in 2-3 years on the back of robust growth in businesses ranging from airports to energy. Earlier this month, the group repaid loans aggregating $2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller.

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