Adani Group stocks have seen some strong buying interest from the investors recently. Adani stocks have gained up to 60 per cent recently, with half of the Group stocks getting a multibagger status. The ongoing week has been the best for the Gautam Adani led conglomerate ever since the damning report by Hindenburg Research was made public.
In January this year, the US-based short seller Hindenberg Research has alleged Gautam Adani led conglomerate for fraudulent activities, malpractices and financial misinterpretation in the books. The allegation pushed the Adani Group stocks sharply lower, with the cash market counter hitting lower circuits for a month. However, the tables have turned lately.
Adani Power Ltd has been the best performing among the Adani Group stock following the Hindenburg fiasco. The utility arm of Gautam Adani’s empire has surged about 335 per cent from its 52-week low at Rs 132.55 on February 28 this year. The stock scaled its new record highs at Rs 589.30 on Wednesday. The stock was around Rs 575-mark on Thursday with a total mcap of Rs 2.2 lakh crore.
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Adani Green Energy Ltd has surged about 290 per cent from its 52-week lows at Rs 439.35. The stock scaled Rs 1,699.40 during Thursday’s session, with a total market capitalization more than Rs 2.6 lakh crore. Despite a 60 per cent rise in the ongoing week, it is still 22 per cent below its all-time high of Rs 2,185.30.
Adani Ports and Special Economic Zone Ltd is another counter which has been able to scale new record highs. The largest port services provider in the country hit a new all-time high at Rs 1,082.95 on Wednesday, up 175 per cent from its 52-week low at Rs 394.95. The total valuations of the company stood at Rs 2.27 lakh crore.
Shares of Adani Enterprises Ltd, the flagship company of the Adani Group, have delivered about 200 per cent return to investors from its 52-week low at Rs 1,017.10. The stock is currently hovering around Rs 3,000 mark, commanding a total market capitalization of Rs 3.35 lakh crore.
Adani Total Gas Ltd has also turned multibagger after the Hindenburg’s crisis. The stock has surged about 110 per cent from its 52-week low at Rs 521.95, rising to Rs 1159 on Thursday, with a total market capitalization of Rs 1.3 lakh crore. However, the stock is still 70 per cent below its all-time highs at Rs 3,998.35.
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Adani Energy Solutions Ltd is at the verge of becoming a multibagger stock as it is up by 97 per cent from its 52-week low at Rs 630. Formerly known as Adani Transmission, Adani Energy hit Rs 1,240 mark on Thursday. Adani Wilmar has also failed to become a multibagger as the stock is up 42 per cent from its 52-week lows at Rs 285.85.
Other acquired entities like Ambuja Cements, ACC and New Delhi Television (NDTV) have also failed to become a multibagger from their respective 52-week lows. They are up 61 per cent, 32 per cent and 80 per cent, respectively from their individual 52-week lows.
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