Overtaking India’s largest lender State Bank of India (SBI), Adani Green on Monday emerged as the seventh most valued firm on Dalal Street.
Adani Group’s renewable energy company outperformed benchmarks indices along with its counterparts on a day when there the markets witnessed a bloodbath with Sensex even erasing 57,000 and Nifty 50 struggling to retain the 17,100-mark on Monday.
Today, while markets crashed steeply with Sensex even erasing 57,000 and Nifty 50 struggling to retain the 17,100-mark. The Adani Green shares outperformed not just these benchmarks but also counterparts and other indices.
Adani Green shares closed at ₹2968.10 apiece up by ₹103.35 or 3.61% on BSE. The shares hit a fresh historic high today at ₹3013.20 apiece.
With the latest record high, Adani Green shares are a multi-bagger with gains of more than 185% in a year. The shares were at ₹1,055.7 apiece on April 19 last year.
At the closing price, Adani Green’s market cap is ₹4,64,215.08 crore. This takes the company to the seventh spot on the list of the top 10 most valued companies on BSE.
Other Stocks
Adani Green now follows giants HUL, HDFC Bank, RIL, TCS, HDFC Bank, and Infosys.
In the list, rank-wise, RIL continues to hold the top spot in most valued companies with a market cap of ₹17,21,099.16 crore on Monday, followed by IT-giant TCS whose valuation is at ₹12,91,077.98 currently, and private sector lender HDFC Bank who holds a market cap of ₹7,73,797.06 crore.
Infosys at fourth rank has a valuation of ₹6,82,101.64 crore, ICICI Bank at fifth rank holds a cap of ₹5,27,264.37 crore, and HUL at the sixth spot has a market valuation of ₹5,11,447.28 crore. These market caps are on the closing price of April 18 on BSE.
How did it become the most Valued stock?
Adani Green Energy’s stock has been investors’ hot favorite in the green energy segment. The company’s focus on renewable energy has seen it become a preferred bet of the market with gains of over 1,400 percent since April 2020.
The staggering rally is a combination of Adani Group’s recent impetus on the green energy business in the backdrop of India’s commitment to becoming a net carbon zero economy by 2070 at the COP26 Summit last year.
Adani Group has recently further enhanced the repute of the investors in the company through a preferential allotment of equity stake to Abu Dhabi-based International Holding Co.
International Holding Company will invest USD 2 billion in three green-focused companies in the Adani Group through preferential share allotment.
“IHC will invest Rs 3,850 crore in Adani Green Energy Ltd (AGEL), Rs 3,850 crore in Adani Transmission Ltd (ATL), and Rs 7,700 crore in Adani Enterprises Ltd (AEL),” the group led by billionaire Gautam Adani had said in a statement.
The investment is subject to shareholder and regulatory approvals and shall comply with the Sebi regulation.