Adani Total Gas, Adani Power, Adani Ports and Special Economic Zone, Adani Green Energy and Ambuja Cements are up 3% to 5%.
Mumbai: Shares of Adani group companies were in demand Monday as they rallied up to 7 per cent in early deals on the BSE amid heavy volumes.
Adani Energy Solutions (up 7 per cent at Rs 1,135.80), Adani Enterprises (6 per cent at Rs 3,058), Adani Total Gas (5 per cent at Rs 1,051), Adani Power (5 per cent at Rs 569.60), Adani Ports (APSEZ) (4 per cent at Rs 1,195), Adani Green Energy (1,737.75) and Ambuja Cements (3 per cent at Rs 560.50) were up 3 to 7 per cent.
In comparison, the S&P BSE Sensex was up 1.1 per cent at 71,493 at 10:38 AM.
The sharp rally comes after brokerage Cantor Fitzgerald initiated coverage on Adani Enterprises, the group flagship company, with an “overweight” rating and a price target of Rs 4,368.
According to a CNBC TV18 report, the brokerage believes that Adani Enterprises is at the core of everything India wants to accomplish.
Adani Enterprises is engaged in mining & services, resource logistics, new energy supply chain including solar module and cell manufacturing, transport & logistics business like Airports and Roads, utility like Water and Data Centres, edible oil & food businesses in India and internationally.
The company operates as an incubator focusing on establishing new businesses in transport & logistics and energy & utility sector, apart from increasing its focus on direct-to-consumer businesses.
Adani Airports Holdings has an integrated airport network comprising seven operational brownfield and one under construction Greenfield airport.
With a portfolio of eight airports, Adani Airports oversees around 23 per cent plus passenger traffic in India. Adani Airports looks to serve 300+ mn consumers through airport infrastructure.
Adani New Industries (ANIL) was founded to create and develop a comprehensive platform to produce the lowest cost renewable energy and products across the value chain through an integrated supply chain mechanism.
The company aims to capitalise on the Indian government’s National Green Hydrogen Mission to lead India towards a greener and self sufficient energy future.