Adani pips Tatas to emerge India’s most valued group
27 Sep 2022
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Adani Group has become India's most valuable business conglomerate in terms of market capitalisation, overtaking the Tata Group, thanks to the acquisition of Ambuja Cement and ACC.
At the close of market on Friday, Adani Group companies, including the newly-acquired Ambuja and ACC, had a combined market capitalisation Rs22.25 lakh crore against the total market value of all Tata Group firms of Rs20.81 lakh crore.
On Friday, the nine listed firms of Adani group lost a total of Rs40,000 crore in market value while Tata Group's market cap declined by about Rs60,000 crore.
Adani Group's m-cap, excluding that of ACC and Ambuja Cement, increased by nearly Rs10.16 lakh crore this year while the Tata Group lost Rs2.57 lakh crore in market cap hammered by a 17 per cent decline in its flagship company Tata Consultancy Services.
Mukesh Ambani-led Reliance Industries is in third place with a market cap of Rs17.07 lakh crore.
Adani Group, which on Friday completed the acquisition of Ambuja Cements and its listed subsidiary ACC, gas committed a further Rs20,000 crore of funds through a record preferential allotment of stock, demonstrating is intent to remain at the top of India’s building-materials industry.
