MY KOLKATA EDUGRAPH
ADVERTISEMENT
regular-article-logo Sunday, 03 March 2024

Supreme Court verdict peps up Adani Group's ambition, eye on 2024 Lok Sabha elections

Observers said Gautam Adani and his colleagues would now watch out for any future action by the Securities and Exchange Board of India (Sebi) and the upcoming general polls

Our Special Correspondent Mumbai Published 04.01.24, 09:28 AM
Representational image

Representational image File picture

The Adanis have finally shaken off the Hindenburg bogey and are expected to hash out strategies to expand the group’s businesses, and rustle up funds from overseas investors to replace high-cost debt on its books.

As it increases its focus on core businesses such as ports, logistics, airports, renewable energy and cement, Adani could divest its holding in a non-core area such as Adani Wilmar, in which it holds a 44 per cent stake.

ADVERTISEMENT

Observers said Gautam Adani and his colleagues would now watch out for any future action by the Securities and Exchange Board of India (Sebi) and the upcoming general polls.

“While Gautam Adani is perceived to be close to Narendra Modi, if the BJP returns to power again this year, it will be sentimentally positive for the group stocks.

On the other hand, if the INDIA bloc wrests control it is a no-brainer to say that the conglomerate’s headaches will only grow,’’ an analyst from a foreign brokerage
said.

Sources said the group is likely to proceed with its plans to invest Rs 7 lakh crore as capex over the next decade in the infrastructure business.

M-cap soars

The combined market capitalisation of all the listed Adani group stocks on Wednesday crossed the Rs 15-trillion mark.

The shares rallied up to 12 per cent as investors were relieved there was no adverse order against the group from the top court. Though some of the counters retreated from their intra-day high due to profit booking, all the 10-listed stocks ended in the green.

Adani Energy Solutions led the list of gainers as it zoomed 11.60 per cent.

It was followed by Adani Total Gas which rose 9.84 per cent, while Adani Green Energy soared 6 per cent and Adani Power by 4.99 per cent.

Among others, Adani Wilmar advanced by 3.97 per cent, NDTV was up by 3.66 per cent, Adani Enterprises (2.45 per cent), Adani Ports (1.39 per cent), Ambuja Cements (0.94 per cent) and ACC (0.10 per cent).

Follow us on:
ADVERTISEMENT