Adani Group stocks surge over 8 pc as markets rebound strongly

Mumbai, May 12 (IANS) The Adani Group stocks rallied sharply on Monday, riding the wave of a broader market rebound as global and domestic cues turned favourable.

Investor sentiment was buoyed by a series of positive developments, including an understanding for a ceasefire between India and Pakistan, progress in US-China trade talks, and signs of easing geopolitical tensions in Eastern Europe.

Among the group’s companies, Adani Energy Solutions Limited led the rally, jumping 8.33 per cent or Rs 68.90 to reach Rs 896 – marking the highest intra-day gain within the conglomerate.

The group’s flagship company, Adani Enterprises Limited (AEL), also delivered a strong performance and gained 7.73 per cent or Rs 174, ending the day at Rs 2,425.

Adani Green Energy was among the best performing players by climbing 6.84 per cent or Rs 60.15 to settle at Rs 939.6.

Adani Power Limited rose 6.76 per cent or Rs 34.6 to close the intra-day session at Rs 546.6.

Meanwhile, Adani Ports and Special Economic Zone Limited recorded a 4.23 per cent or Rs 55.2 increase, closing at Rs 1,361.5.

Adani Total Gas Limited added 4.98 per cent or Rs 29.95 to reach Rs 631.05, further contributing to the group's overall rally.

Other companies within the Adani Group also saw notable gains. Sanghi Industries Limited rose 3.73 per cent or Rs 2.18 to Rs 60.70, NDTV Limited climbed 3.45 per cent or Rs 4.05 to Rs 121.40, and cement major ACC Limited gained 2.67 per cent or Rs 48.3 to close at Rs 1,859.9.

Meanwhile, the Indian stock market recorded its best single-day performance in four years, with the Sensex soaring 2,975.43 points or 3.74 per cent to close at 82,429.90, and the Nifty climbing 916.70 points or 3.82 per cent to settle at 24,924.70.

Market analysts credited the rally to a combination of technical factors and improved global outlook.

--IANS

pk/na