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Adani Wilmar, Adani Power freeze at 5% upper circuit; Ambuja Cements up 4%

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Shares of Adani Group companies were in focus on Thursday with (Rs 746.65) and (Rs 370.30) being locked in the 5 per cent upper circuit on the BSE.


Ambuja Cements, (AGEL), Adani Total Gas, Adani Enterprises (AEL) and Adani Transmission were trading higher in the range of 2 per cent to 4 per cent. In comparison, the S&P BSE Sensex was up 0.7 per cent at 58,469 points, at 01:48 PM.


Most of these stocks saw a sharp correction on Monday due to profit booking. These stocks have corrected by up 22 per cent from their respective record highs touched in August and September this year.


However, in the past one year, the market price of three Adani Group companies– (up 265 per cent), Adani Total Gas (up 135 per cent) and AEL (up 122 per cent) has more-than-doubled. Adani Transmission and Adani Green has appreciated by 92 per cent and 82 per cent, respectively. In comparison, the S&P BSE Sensex is down 1.5 per cent during the same period.


Among individual stocks, AEL was trading 2.4 per cent higher at Rs 3,317.50, having gained 5 per cent in the past two trading days on the BSE. The stock of the Adani Group’s flagship company was down for the seventh straight day, and had fallen 15 per cent between September 22 and October 3. It has corrected 19 per cent from its record high level of Rs 3,885, touched on September 20.


AEL said the company will interact with analysts/ investors on Thursday, October 13, 2022. AEL is one of the fastest growing diversified businesses that provide an extensive range of products and services. The company operates as an incubator, establishing new businesses in transport and logistics, and energy & utility sectors, apart from increasing focus on direct-to-consumer businesses.


Spitze Trade and Investment Limited, one of the promoters of AEL, acquired 3.98 million equity shares, representing 0.35 per cent of total equity of the company, for Rs 1,454 crore. The promoter purchased shares of the company via open market between September 9 and September 28, the exchange data shows. CLICK HERE FOR DETAILS.

Meanwhile, Spitze Trade and Investment Limited also acquired 4 million equity shares representing 0.25 per cent of total equity of AGEL for Rs 935 crore. The promoter purchased shares of the company via open market between September 15 and September 26, the exchange data show. CLICK HERE FOR DETAILS.

AGEL has one of the largest global renewable portfolios with an overall portfolio of 20.4 GW including operating, underconstruction and awarded assets catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar, wind farm and hybrid plants. Key customers of AGEL include SECI, National Thermal Power Corporation (NTPC) and various state discoms.

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