Adani group stocks in limelight; Adani Power surges over 19%

Adani group stocks were in heavy demand on Tuesday, with Adani Power surging over 19%, bouncing back from previous day's decline.

Shares of Adani Power zoomed 19.29%, Adani Green Energy soared 14.54%, Adani Energy Solutions surged 14.38%, Adani Total Gas jumped 13% and NDTV rallied 12.50% on the BSE.

The stock of Adani Enterprises soared 8.91%, Adani Ports climbed 6%, Ambuja Cements went up by 4.79%, ACC (4.50%), Sanghi Industries (4.22%) and Adani Wilmar (3%).

All Adani group stocks had ended lower on Monday's trade in-line with weak trend in equities.

Benchmark indices Sensex and Nifty rebounded on Tuesday after four days of sharp decline.

The 30-share BSE benchmark Sensex jumped 505.6 points to 76,835.61 in intra-day trade. The NSE Nifty climbed 179 points to 23,264.95.

This surge in the Adani Group stocks is due to the amid high volumes. The market sentiment was also uplifted by gains in banking, auto, and energy stocks in early trade after breaching the seven-month lows in the previous session.

The rise in the share price is also after the recent announcement from Adani group. Yesterday, Adani Group announced a substantial investment of ₹65,000 crore in its Chhattisgarh project. This investment aims to expand power generation capacities and the development of cement plants within the state. Gautam Adani, Chairman of the Adani Group, met with Chhattisgarh Chief Minister Vishnu Deo Sai to discuss the group's commitment to the region's industrial growth.

The expansion plan includes increasing the power plants in cities like Raipur, Korba and Raigarh. This will in turn increase the power generation capacity by 6,120 MW in Chhattisgarh. This move aligns with Adani Power’s strategy to double its thermal power capacity to 30.67 GW by 2029-30 from the current 15 GW. Moreover, the Adani group has further committed ₹5,000 crore for the development and expansion of its cement plants in the state.

The announcement had an immediate positive impact on Adani Group’s stock, which outperformed the broader market indices. The Sensex also experienced gains, reflecting a general upward trend in the market.