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Great rise in shares of Adani Group companies today, market cap crosses Rs 16.5 lakh crore

Adani Group Stocks: The Adani Group‘s businesses have grown significantly in recent times. As of today, March 1, 2024, shares of every Adani Group listed company opened on a positive note. Subsequently, the Adani Group’s stock prices continue to rise.

The main business Adani Enterprises’ shares, as well as those of subsidiary group firms including Adani Power, Adani Total Gas, and Adani Green Energy, are increasing in value.

The Adani Group company Adani Green Energy is enjoying the most increase in the market today. Today’s opening price for this share was 1,930.00. Adani Green was up roughly 3.85% as of 9:30 am, trading at Rs 1,968.00.

Let us inform you that the company’s shares have increased following the release of the report detailing the exceptional third-quarter results of Adani Group.

The report states that in the third quarter, the group’s overall EBITDA grew by 63.6% on an annual basis. This outstanding achievement has been made possible by the infrastructure industry’s explosive growth. This information was provided by the group in a news statement on Thursday. EBITDA for the Adani Group over the previous 12 months was Rs 78,823 crore. This is a 37.8% increase over the FY23 fiscal year.

In bribery case, Ethics Committee asked for travel and login details of Mahua Moitra from IT Ministry

Mahua Moitra Bribery Case: Following its initial meeting on the Mahua Moitra bribery case, the Lok Sabha Ethics Committee has now asked the IT Ministry for Mahua-related travel and login information.

On Thursday, the Ethics Committee convened for the first time regarding this issue. Lawyer Jai Ananth Dehadrai and BJP leader Nishikant Dubey had also recorded their statements during that period.

The Ethics Committee has requested information regarding Mahua Moitra’s login in a letter to both the Home Ministry and the IT Ministry. In addition, details regarding Mahua Moitra’s whereabouts have been requested in order for the Ethics Committee to verify the veracity of all the accusations made against her.

There has been an accusation against TMC MP Mahua Moitra that she has taken money and asked questions in Parliament. On behalf of the businessman, he allegedly targeted the government and Adani Group with his queries.

Petition filed in Supreme Court regarding investigation of Hindenburg report; hearing will be held on Friday

The petition filed for the inquiry into the Hindenburg Research Report will be heard by the Supreme Court on Friday, according to an agreement.

The petition asked for a retired judge from the Supreme Court to oversee an investigation of the report. The court should instruct the central government to constitute a committee for this purpose, according to the petition.

The petition’s writer, attorney Vishal Tiwari, brought up the matter’s urgent listing before a bench presided over by Chief Justice DY Chandrachud on Thursday.

SC agrees to hear on Friday plea seeking court-monitored probe into Hindenburg Research report on Adani firms
— Press Trust of India (@PTI_News) February 9, 2023

He informed the bench that a second petition filed about the matter has a hearing date of February 10 scheduled. He requested that his plea and a different petition be heard by the bench on Friday. Justices J B Pardiwala and PS Narasimha were also on the bench.

Adani shares boom, Adani Wilmar and Port shares stormy

Stocks of most companies in the Gautam Adani-led Adani Group jumped on Tuesday, with shares breaking their downward trend. Everyone is seeing rapid growth, from Adani Wilmar to Adani Transmission.

Since the stock market opened, the price of Adani Enterprises’ stock has increased by a startling 20%. Following the release of the group report by the American research firm Hindenburg on January 24, 2023, these shares saw a decrease.

Shares of Adani have risen dramatically. Let’s start by discussing the increase in shares of Gautam Adani’s enterprises, Adani Wilmar Ltd, which rose 4.99 percent to Rs 398.90 as of the news’ publication time at 01:12 am. However, Adani Transmission Ltd was up 5% and traded at a level of Rs 1,319.25.

The decline came from Hindenburg’s report

Let us inform you that there was a sharp decrease in the price of Adani Group shares following the release of the report by the American research firm Hindenburg. The shares of the Adani Group decreased by 66 percent as a result of this report. Along with this, the group’s market valuation declined by $ 117 billion, and on Monday, Gautam Adani fell from fourth to number 22 on the list of the world’s top billionaires.

Gautam Adani became the second richest person in the world, beats Bernard Arnault, know Adani’s business journey

Gautam Adani is now the world’s second richest person. As of now, Gautam Adani is the only billionaire in the top-10 list after Elon Musk. In order to move up to this position in the Forbes Real Time Billionaire Index, Gautam Adani passed Bernard Arnault. He remains in third place on Bloomberg‘s Billionaire Index.

The main source of Adani’s riches is its publicly held ownership interest in the Adani Group, which is where it got its start. According to a March 2022 stock exchange filing, he has a 75% ownership stake in Adani Enterprises, Adani Power, and Adani Transmission. He has 37% of Adani Total Gas, 65% of Adani Ports and Special Economic Zones, and 61% of Adani Green Energy under his control. These businesses are all situated in Ahmedabad and are all publicly listed.

Adani’s business journey

According to Bloomberg, Adani is India’s top port operator, producer of thermal coal, and trader of coal. Gujarat is where Gautam Adani was born. After dropping out of college, he traveled to Mumbai as a youngster and worked in the diamond industry before going back to his home state.

Polyvinyl chloride (PVC) imports for his brother’s plastics company marked the beginning of his international enterprise. Adani Enterprises, the group’s primary business for the import and export of goods, was founded by him in 1988.

In 1994, Adani Enterprises requested permission from the Gujarati government to establish a port facility at Mundra Port for the purpose of handling its own cargo. Adani chose to transform the project into a commercial port after realizing its potential. By personally negotiating with more than 500 landlords across India to construct India’s largest port, he created rail and road connectivity. In 2009, Adani started producing electricity.

Adani Total Gas forays into Electric Mobility Infrastructure Sector

Adani Total Gas Limited, one of the largest city gas distribution companies in India, has launched its first Electric Vehicle Charging Station (EVCS) in Ahmedabad. It will be equipped with fast charging technology, as well as a convenient digital platform, at ATGL’s CNG station in Maninagar, Ahmedabad, and will be able to facilitate the quick charging of EVs.

Adani Total Gas’ CEO, Suresh P Mangalani, said, “Starting the EV business with the first charging station in Ahmedabad for Adani Total Gas, bringing a green fuel option to the large customer base in India is another milestone for Adani Total Gas, The plan is to create an emerging business opportunity in line with our vision of providing sustainable fuel solutions to all major cities and towns in India.”

EVCS will install 1500 EVCS across the country, and the company is implementing a long-term expansion plan based on the creation of demand and the building of momentum within the EV ecosystem.

ATGL has a strong presence as a CNG retailer across India. A special asset of the company is its unique position to participate actively in the Electric Mobility market. This is due to the fact that it owns a retail space, has vast experience servicing domain customers, and has a large customer base throughout India. A company plans on entering the booming EV market and capturing a big chunk of the rapidly growing market for electric vehicles.

Moreover, ATGL gains its resources from the Adani Group‘s capacity to produce renewable energy and it can take advantage of the synergies between the groups to procure green power.

As ATGL continues to monitor market leadership, its vision has an added competitive advantage with Total Energies SE’s global experience in the EV infrastructure space.

Gautam Adani, an Indian billionaire, will meet President Rajapaksa on Monday, 25 October

According to official sources in Colombo and New Delhi, Gautam Adani, chairman of the Adani Group chosen to develop a major port terminal project in Sri Lanka, will meet President Gotabaya Rajapaksa in Colombo on Monday, 25 October.

According to a senior official, Mr. Adani would be meeting the President to discuss the West Container Terminal project during the private visit on Sunday night (24) night.

Despite requesting anonymity, the source confirmed that a “high profile visit” would include meetings with “top Sri Lankan dignitaries”.

Adani’s visit comes less than a month after the Adani Group, in a virtual ceremony, signed a Build-Operate-Transfer (BOT) agreement with its Sri Lankan partner in the project John Keells Holdings, and the Sri Lanka Ports Authority (SLPA), to jointly develop the West Container Terminal (WCT) at the Colombo Port.

The Hindu reported that Adani is interested in collaborating on ports, power, and renewable energy projects in Sri Lanka, according to sources in India familiar with the development.

“When Adani meets President Rajapaksa, he will discuss possible projects in these sectors,” a source told The Hindu.

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Sri Lanka’s decision early this year to scrap a trilateral agreement with India and Japan to jointly develop the East Container Terminal at the Colombo Port sparked controversy, so the Rajapaksa government offered the WCT project as “a compromise”.

According to The Hindu, unlike the earlier ECT project, there is no Indian government involvement in the WCT project, with the Adani Group participating as a private investor, amid questions from Sri Lankan experts regarding the lack of transparency surrounding how the investor was selected.

On March 15, 2021, Adani tweeted confirmation of the project: “Grateful to the leaders of GoI, GoSL, SLPA & John Keells for the opportunity to build WCT, Colombo.” A partnership as significant as this is a symbol of deep strategic ties between nations with long histories that are interwoven. The container industry will grow for decades.”

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