Adani Group Shares Reach New Records Thanks to Fundraising Plan


Shares of Adani Group companies led by Gautam Adani continued to rise with Adani Enterprises and Adani Green Energy reaching respective lifetime highs after these two companies and Adani Transmission announced plans to raise funds.

The boards of directors of these three companies must meet on Friday, April 8, 2022 to review and approve the proposal to raise funds by capital increase, preferential allocation, including placement in a qualified establishment or by any other authorized mode and / or a combination thereof.

The fundraising is subject to all regulatory/statutory approvals that may be required, including approval from the company’s shareholders, those companies said in their respective exchange filings.

As of 09:45, Adani Enterprise, after hitting a high of Rs 2,164, was up 0.4% to Rs 2,150 on BSE. Adani Green hit a high of Rs 2,250 and was up 1.2% to Rs 2,215. Adani Transmission hit a high of Rs 2,471 but was down 0.1% to Rs 2,446.

Among other Adani Group shares, Adani Power also hit a new high of Rs 244.50, up 5% on BSE in Wednesday’s intraday trading. In the past month, the stock has climbed 102%, compared to a 10% rally in the S&P BSE Sensex.

Adani Power had recorded a consolidated net profit of Rs 218.49 crore for the third quarter of FY22 (Q3FY22). The company suffered a loss of Rs 288.74 crore while the total revenue stood at Rs 5,593.58 crore compared to Rs 7,099.20 crore in the same period a year ago.

According to a PTI report, India’s electricity consumption rose steadily to reach 126.12 billion units (BU) in March, rising 4.6% year-on-year. The increase in energy consumption reflects the impact of the early onset of summers and the easing of lockdown restrictions by states.

Adani Wilmar (AWL) also rose 5% to Rs 609, also its new high on BSE, and is up 68% in the past month. AWL holds leading positions in the kitchen commodities market: branded edible oil, wheat flour, rice, etc., with a wide reach among households. Its growth strategy is based on increasing market share in existing categories, diversifying into more FMCG segments, pursuing strategic acquisitions (expanding product/geographical scope) and improving the margin/ medium-term performance.

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