New Delhi: Despite the global gloom and plummeting economies in the wake of the devastating Covid-19 pandemic in 2020, the Adani Group leaped ahead to become India’s third conglomerate to cross the USD 100 billion mark in market capitalization.
The Gautam Adani-led ports-to-energy conglomerate witnessed shares of four of its six listed companies soaring to an all-time high on Tuesday.
The total market cap of the Group’s six listed companies at the close of trading on Tuesday was Rs 7.84 lakh crore or USD 106.8 billion, according to stock exchange data.
After the Tata Group and Reliance Industries Ltd (RIL), the Adani Group is the third Indian conglomerate to cross the $100 billion market capitalization mark.
After starting out as a commodities trader in the late 1980s, Gautam Adani has over the last two decades built an empire spanning, mines, ports, and power plants to airports, data centre, city gas and defence.
In the last two years, the Adani Group gained control of seven airports and almost a quarter of India’s air traffic, made rapid strides in renewable energy capacity addition, won a contract to co-develop a port terminal in Sri Lanka, and bought ports in India.
Recently, the Group acquired a stake in Gangavaram port, commissioned a wind power plant in Gujarat, discovered natural gas reserves off the Mumbai coast, acquired solar projects, bought a power transmission project from Essel Infra Projects and signed a pact to develop 1 Gigawatt of data centre capacity in India.
The Adanis’ ports arm, Adani Ports and SEZ Ltd (APSEZ) control 30 per cent of India’s port industry. The Group has French energy giant Total as a partner in its renewable energy and city gas distribution business.
The Group’s renewable energy business, under Adani Green, is targeting 25 Gigawatts of renewable capacity by 2025.
According to the data, Adani Enterprises’ stock price closed at an all-time high of Rs 1,225.55 on the BSE on Tuesday, up 7.67 percent over the previous day’s close.
Adani Total Gas touched a record high of Rs 1,248 before closing at Rs 1,204.35, while Adani Transmission jumped 5 percent to Rs 1,147 before settling at Rs 1,109.90.
Adani Ports gained 12.84 percent to close at an all-time high of Rs 837.45.
Adani Power rose 5 percent to Rs 98.40, while Adani Green Energy gained 2.2 per cent to Rs 1,194.55.
Except for Adani Green and Adani Power, the shares of other listed firms touched a record high.
Tata Group’s current market cap is around $242 billion while RIL m-cap is at $171 billion.
Five of the Adani Group firms have a market cap of over Rs 1 lakh crore, while one — Adani Power– has an m-cap of Rs 37,952.28 crore.
(VP)