With Mcap of ₹10.8 lakh crore, Adani Group stocks rose 7.04% in July; check details

livemint.com:

market capitalization (m-cap) of the Adani Group soared 7.04 per cent at ₹71,032 crore in July driven by robust quarterly performances from its entities, each contributing significantly to the overall increase in the market value. The m-cap of the leading conglomerate rose from ₹10,09,075 crore on June 30 to ₹10,80,107 crore on July 31, according to a statement shared by the company. The group’s focus on growth and operational performance has been a key driver for the stocks in the past month.

"There's no denying that the performance of Adani Group stocks has been good with Q1 results underscoring impressive growth so far. The allegations from the Hindenburg episode have been thoroughly dismissed by the market, and investors are shifting their attention to the improving valuations amid strong growth prospects for the group. The Q1 results not only reflects the rising growth but also improving operational efficiency of its companies," said a market strategist at a domestic brokerage house.

So far, four companies under the Adani Group have announced their April-June quarter results of current fiscal (Q1FY24). Let's take a look at the growth in m-cap of each of the entities under the ports-to-power conglomerate: Adani Power, a key player in the power sector, saw a substantial uptick with a 9.39 per cent gain in its market cap. As of July 31, the company's market cap reached ₹1,05,410 crore, compared to ₹96,365 crore at the end of June.