Adani Group stocks saw a decent rally on Thursday, with shares rising up to 5% amid strong buying momentum. Among Adani group shares, the biggest gainer was Adani Green Energy stock, followed by Adani Power shares.
Adani Green Energy shares surged as much as 4.91% to a high of ₹1,081.80 apiece on the BSE. Adani Power share price also jumped nearly 4% to ₹515.70 apiece.
The gains Adani Group stocks today came at a time when the Indian stock market benchmark indices, Sensex and Nifty 50, are trading flat amid lacklustre trade in the global markets.
Among other shares of billionaire Gautam Adani-led group companies, Adani Energy Solutions shares rallied up to 3.8%, Adani Ports & SEZ shares rose 3.11%, while Adani Total Gas shares gained 2.10%.
Adani Ports stock was the top gainer among Nifty 50 constituents.
Adani Enterprises and Ambuja Cements shares were up more than 1% each, while NDTV shares gained as much as 2.74%. However, Adani Wilmar and ACC shares were trading flat.
Adani Group eyes defence contracts
Adani Group’s defence arm Adani Defence and Aerospace on Monday entered into an agreement to acquire an 85.8% stake in Air Works, India’s largest privately-held aircraft maintenance, repair, and overhaul (MRO) company.
The acquisition, with an enterprise value of ₹400 crore, will enable Adani Group to offer a range of of aviation services spanning line maintenance, heavy checks, interior refurbishment, painting, redelivery checks, avionics as well as asset management services to its Indian and global customers, the group said in a statement.
On 20 September, Mint reported that the Adani Group has identified defence and aerospace as one of the key areas for acquisitions and has set aside $1 billion purely for defence acquisitions via Adani Defence and Aerospace Ltd.
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