M-cap of these two Adani Group firms jumped by over ₹50,000 crore in last 5 sessions
Adani Total Gas surging by as much as 65%. This upswing is attributed to the positive outlook on the BJP government's potential return to power in 2024, following the party's success in three key state elections, which has bolstered investor sentiment.
Also Read: Adani Power raises bid for Lanco Amarkantak Power in second revised offer: Report Moreover, a Bloomberg News report on Tuesday (December 05) said that the US government had examined Hindenburg’s allegations against the Adani Group and found them irrelevant before granting the conglomerate a $553 million loan for its Sri Lanka port terminal project. The group stocks have been on the rise since late November, after the Indian Supreme Court said it won’t take media reports on the conglomerate as the “gospel truth" even as it reserved verdict on its probe into Hindenburg’s allegations.
In the last week (December 04–08), the market capitalisation of Adani Green Energy, the renewable energy arm of the Adani Group, jumped by ₹83,000 crore, reaching ₹2,45,520 crore as the stock skyrocketed 51%, jumping in value from ₹1,160 to ₹1,550 apiece. Zooming out, in December so far, the stock has gained 47.76%, registering the biggest monthly gain since March 2023.
On December 05, the company said it had sealed its largest project financing of a $1.36 billion senior debt facility as part of its Construction Financing Framework to enhance the funding pool to $3 billion since initial project financing in March 2021. The company said that the green loan facility will play a pivotal role in enabling the development of AGEL’s next milestone- the world’s largest renewable energy park at Khavda in Gujarat.
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