Newsinc24 Team Adani Group's total market capitalisation surpassed the Rs 11 trillion mark on Friday, underpinned by consistent value buying from both domestic and international investors.The conglomerate, with interests ranging from ports to power, added Rs 7,039 crore to its market cap on Friday, bringing the total market value of its 10 listed companies to Rs11.02 trillion, up from Rs 10.96 trillion on Thursday.Adani Group stocks have recovered significantly from their post Hindenburg lows adding nearly Rs 5 trillion in market cap since early March 2023.
Shares of Adani Power were in the limelight surging 2.88 per cent on Friday, touching a 10-month high of Rs 369.15, and surpassing levels as on November 11, 2022. The stock witnessed robust buying interest and the rally is reflective of the positive sentiment around the company's operational performance and strategic initiatives. On the trading front, four more Adani group entities posted gains on Friday including Adani Enterprises, Adani Ports and SEZ, and Adani Wilmar.The first-quarter financial performance of Adani's listed firms also show a strong growth in Q1FY24. The EBITDA of Adani's listed portfolio for Q1 FY2024 grew by 42 per cent Y-o-Y to Rs 23,532 crore.
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