BUSINESS

Adani Group Becomes Third Indian Conglomerate to Cross $100 Bn in Mcap

Adani Group has become India’s third conglomerate to cross $100 billion in market capitalization with shares of four of its six listed companies soaring to an all-time high on Tuesday. The total market cap of the six listed Adani Group companies stood at over $104 billion, according to BSE data. On Tuesday, Adani Enterprises hit an all-time high of Rs 1202, up 5.6 per cent, Adani Total Gas rose 6 per cent to touch a record high of Rs 1248, Adani Transmission jumped 5 per cent to Rs 1147, and Adani Ports gained 4 per cent to an all-time high of Rs 791. Adani Power rose 5 per cent to Rs 98.40, while Adani Green Energy gained 2.3 per cent to Rs 1194.

Earlier, Tata Group and Mukesh Ambani led-Reliance Group have achieved this milestone. Tata Group’s current market cap was $242 billion while RIL Group’s mcap at $190 billion. Total five firms in Adani Group currently have a market cap of over Rs 1 trillion, while one such Adani Power Ltd has an mcap of Rs 38,000 crore.

Interestingly, five of its group companies such as Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Transmission, Adani Power Ltd, and Adani Total Gas Ltd have no coverage from any analyst. Despite this, in the last year, all six listed Adani group companies generated multi-bagger returns without any major fundamental factors.

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