Adani Enterpises shares rally up to 14% in Friday’s intra-day trade

The Adani Group’s shares rallied up to 14 per cent propped by big volumes on the BSE, and were in demand all through Friday’s intra-day trade.

Shares of the group’s various entities saw a rise ranging from 3 per cent to 14 per cent. These shares were Adani Enterprises, Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Green Energy, Adani Wilmar, ACC, Ambuja Cements, NDTV, and Adani Ports and Special Economic Zone. The S&P BSE Sensex was up by 0.10 per cent at 73,961 in comparison, around 2:29 pm on Friday.

ADANI ENTERPRISES SEES A DOUBLE HIKE

Average trading volumes of the group’s flagship company Adani Enterprises shares witnessed an almost double hike, rallying 7 per cent to scale Rs 3,421. In its annual report of FY24, the company stated that its net debt to Earnings Before Interest, Tax, Depreciation & Amortisation (EBITDA) has dropped from 3.3x to 2.2x in the last year.

ADANI POWER SCALES A RECORD HIGH

Adani Power, India’s leading private power production company, was also a gainer on Friday, scaling a record high of Rs 791.95 at 13 per cent in intra-day trades. While India’s peak power demand on Thursday, May 30 2024, was 250 gigawatts (GW), Adani Power predicts peak power demand of the country would touch 260 GW this year during summer. In turn, the demand for thermal power would increase. Accordingly, the government has hiked projection of incremental thermal power installation to over 80 GW from 50 GW. Adani Power stands to gain from the country’s increasing demand for power.