Market optimism pushes Adani Group stock prices higher

Shares of Adani Group companies continued to gain market value for a fifth day on Thursday, with Adani Ports and Special Economic Zone (APSEZ) leading the surge and emerging the top gainer in the Nifty50 index.

Adani Total Gas stock touched an upper circuit of Rs1,159 on Thursday. The shares have risen 111.35 per cent over the last month, more than doubling investors' wealth in just one month.

Adani Group flagship Adani Enterprises as well as Adani Power, Adani Green Energy, and Adani Energy Solutions, reported gains.

The market is so optimistic on Adani stocks that brokerage firm Motilal Oswal has revised its target price of Adani Ports stock to Rs1,210.

The stock gained on the back of sustained growth in trade and shipping volume, better utilisation of existing port infrastructure and the company's leadership position in ports, focus on value-added areas such as logistics, as well as new acquisitions.

Adani Group is reported to be in talks with Shapoorji Pallonji Group to acquire Gopalpur Ports in Odisha, which has a current equity value of Rs1,100-1,200 crore.

Gopalur Ports is 56 per cent owned by SP Ports Maintenance, while Orissa Stevedores (OSL) own the remaining 44 per cent.

Adani Ports stock traded 3 per cent above yesterday’s close at Rs1,048.60  - up 120 per cent from its Hindenburg low of Rs462 per share.

Investor confidence was also bolstered by Adani Green Energy securing a $1.36 billion loan from a consortium of eight international banks

Reports, meanwhile, said the US state agencies have dumped the Hindenburg Research allegations of corporate fraud against Adani Group.