Shares of Adani Group companies experienced a surge on Thursday, resulting in an increase in the total market capitalisation to around Rs 10.1 lakh crore. This added Rs 9,282.5 crore to investor wealth. Leading the pack was Ambuja Cements Ltd., with a rise of 2.77%, followed by over 1% gains by ACC Ltd., Adani Power Ltd., and Adani Green Energy Ltd. Other group companies also witnessed smaller gains.
However, Adani Enterprises Ltd., the flagship company, closed lower despite a mid-day surge of up to 3%. The company reported a net profit of Rs 333 crore for Q2 of fiscal 2024, a decrease from Rs 432 crore year-on-year. Revenue also fell by 41% to Rs 22,517 crore, while EBITDA rose by 29.9% to Rs 2,430 crore.
In contrast, Adani Power Ltd.'s consolidated net profit for the quarter rose over nine times to Rs 6,594 crore due to a one-time gain and increased sales.
On the broader market front, the S&P BSE Sensex climbed by 490 points to close at 64,080.90 and the NSE Nifty 50 ended higher by 144 points at 19,133.25.
In related news, AMG Media Networks Ltd., which currently owns a 49% stake in Quintillion Business Media Ltd., has signed an MOU to acquire the remaining stake. This move will make Quintillion Business Media Ltd. a wholly owned subsidiary of AMG Media Networks Ltd., and owner of BQ Prime Brand.
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