Adani Green Energy Shines With Record Gain, Total Gas Surges 65%
Adani Green Energy Shines With Record Gain, Total Gas Surges 65%
Adani Group shares have been on a spirited ascent in recent weeks, buoyed by a string of positive developments that have reignited investor faith in the group's stocks. All 10 listed Adani Group stocks witnessed robust double-digit gains in the past week, with Adani Total Gas taking the lead with an impressive surge of 65%.

Adani Green Energy Shines with Record Gain, Total Gas Surges 65%

Adani Group shares have been on a spirited ascent in recent weeks, buoyed by a string of positive developments that have reignited investor faith in the group's stocks. All 10 listed Adani Group stocks witnessed robust double-digit gains in the past week, with Adani Total Gas taking the lead with an impressive surge of 65%.

 

Analysts attribute this surge to the optimistic outlook on the BJP government potentially returning to power in 2024, fueled by the party's success in three crucial state elections, a factor that has injected fresh confidence into investors.

AGEL secures $1.36 billion debt facility for world's largest renewable energy park at Khavda

In a recent report by daily business newspaper on December 5, it was revealed that the US government, after scrutinizing Hindenburg’s allegations against the Adani Group, deemed them inconsequential before approving a substantial $553 million loan for the conglomerate's Sri Lanka port terminal project.

 

The upward trajectory of the group's stocks began in late November, gaining momentum after the Indian Supreme Court, while reserving its verdict on Hindenburg’s allegations, underscored that media reports on the conglomerate shouldn't be considered the "gospel truth."

 

Notably, Adani Green Energy, the renewable energy arm of the Adani Group, witnessed a significant boost in market capitalization during the week of December 4–8. Surging by ₹83,000 crore, it reached ₹2,45,520 crore, marking a remarkable 51% increase in stock value from ₹1,160 to ₹1,550 apiece. This surge in December represents the most substantial monthly gain since March 2023, registering an impressive 47.76%.

 

On December 5, Adani Green Energy announced securing its largest project financing – a $1.36 billion senior debt facility – as part of its Construction Financing Framework. This financing, pivotal for AGEL’s upcoming milestone, the world’s largest renewable energy park at Khavda in Gujarat, signals a major stride in developing 2,167 MW at Khavda in the initial phase and sets the stage for future developments at the Khavda renewable site.

 

Simultaneously, Adani Total Gas experienced a remarkable rally last week, leaping from ₹701 per share to ₹1,156.80, translating into a substantial 65% return. This surge catapulted the company's market capitalization to ₹1,27,224 crore, marking a noteworthy increase of ₹51,129 crore in just one week, as per recent business news.

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