Adani Group shares rally up to 12%; Adani Total Gas hits record high

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Adani Group shares rallied up to 12 percent on the BSE in Monday’s intra-day trade, in otherwise a weak market, amid the group’s foray into the telecom business.
Adani Green Energy surged 12 percent to Rs 2,150, while Adani Total Gas hit a record high of Rs 2,775.85, soaring 9 percent on the BSE in the intra-day trade. Adani Transmission, meanwhile, advanced 6 percent to Rs 2,708, followed by Adani Enterprises (Rs 2,375), Adani Wilmar (Rs 614), and Adani Power (Rs 282.80) rose 4 percent each, and Adani Ports and Special Economic Zone, which gained 2 percent at Rs 730.50 on the BSE. In comparison, the S&P BSE Sensex was down 0.13 percent at 54,409 points at 02:10 PM.
Adani Group, on Saturday, said it has participated in the 5G spectrum auction to provide private network solutions along with enhanced cyber security in the airport, ports & logistics, power generation, transmission, distribution, and various manufacturing operations.
“As the Group builds its own digital platform encompassing super apps, edge data centers, and industry command and control centers, the Group will need ultra high-quality data streaming capabilities through a high frequency and low latency 5G network across all our businesses,” it said.
Our intention is not to be in the consumer mobility space. As India prepares to roll out next-generation 5G services through this auction, we are one of the many applicants participating in the open bidding process, Adani Group said while clarifying inquiries about its interest in the 5G space.
Ventura Securities recommends a ‘buy’ rating on Adani Enterprises (AEL) with a target price of Rs 2,821 per share. Apart from Adani New Industries Limited (ANIL), AEL’s other incubating businesses, in the domains of Airports, Data Centers, Roads, and Defence are on the verge of gaining traction and should be value accretive in the short to medium term. AEL’s new incubating forays into copper and green PVC have significant drivers in place to ensure long-term profitability and the equity contribution is expected to be funded from internal accruals, the brokerage firm said.
“We believe that a demerger of the incubating business can result in significant value unlocking and is an upside risk to our estimates. A case in point is the 153 percent appreciation in the stock price of Adani Wilmar Ltd post-IPO. We expect the airport business to be the next value-unlocking story that should play out over the next couple of years,” the brokerage firm said.
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