Besides, stocks of Adani Ports rallied 9.81 percent, Ambuja Cements climbed 5.70 percent, ACC advanced 5.11 percent, Adani Transmission jumped 5 percent, Adani Green Energy rose 5 percent and Adani Total Gas gained 5 percent.
Shares of Adani Power jumped 4.99 percent, Adani Wilmar climbed 4.99 percent and NDTV went up 4.98 percent.
Most of the Adani Group companies also hit their upper circuit limits in Friday’s morning trade. In the broader market, the BSE Sensex zoomed 899.62 points or 1.53 percent to settle at 59,808.97 points.
Source:- Indian Times
All Adani stocks surged after GQG bought shares worth Rs. 15,446 crores in four of the group companies, the first major investment in the conglomerate since a short-seller critical report sparked a stock rout.
In a phone interview with Bloomberg, GQG Chairman Rajiv Jain said he first looked at Adani companies more than five years ago but decided they were not enough of a u201cbargain at that time.
The funding will assuage concerns about the Adani Group’s ability to raise funding for loan repayment, said Aditya Mongia and Teena Virmani of Kotak Institutional Equities. Adani Group will hold road shows this month in London, Dubai, and several cities in the US, according to a Reuters report.
Source: CNBC- TV 18
The meetings are scheduled for Dubai on 7 March, London on 8 March and multiple US locations between 9-15 March, the document revealed. Adani stocks rallied post the block deal in the secondary market in four of the group stocks on Thursday between the promoters and a US-based investment firm. This improved the overall sentiment in the market and especially in the PSU banks, Mitul Shah, Head of Research at Reliance Securities, said.
Adani Group companies ended in positive territory on Wednesday and Thursday as well.
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