Adani Green Energy topples Bharti Airtel as India’s 10th most valued company
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Billionaire Gautam Adani-led renewable energy company Adani Green Energy has pipped telecom operator Bharti Airtel to become the tenth most valued Indian firm in terms of market valuation. Oil-to-telecom conglomerate Reliance Industries topped the chart, followed by IT major Tata Consultancy Services (TCS) and private sector lender HDFC Bank.
The market capitalisation (m-cap) of Adani Green Energy went up by ₹13,740 crore to ₹4.36 lakh crore at the end of trade on April 12, driven by a strong rally in the company’s shares. This was ₹28,977 crore more than Bharti Airtel’s m-cap of ₹4.07 lakh crore.
On Tuesday, Adani Green Energy shares opened higher with a gain of 5.46% to ₹2,849 apiece against previous closing price of ₹2,701.55 on the BSE. During the session, the stock rose as much as 9.27% to hit a fresh all-time high of ₹2,951.9, before closing at ₹2,789.40, up 3.25%. There was a spurt in volume trade as 5.71 lakh shares worth ₹161.8 crore changed hands over the counter on the BSE as compared to two-week average volume of 1.24 lakh scrip.
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The share price of the Ahmedabad-headquartered company has risen 29% in the past three sessions after UAE’s International Holding Company (IHC) proposed to invest ₹3,850 crore in Adani Green Energy through preferential issue.
Adani Green Energy shares have gained 53% in a month and more than 100% since the beginning of the calendar year 2022 amid a slew of positive developments. The stock price has surged 150% over one year, while it zoomed 7,460% in just three year.
Meanwhile, the BSE benchmark Sensex closed lower for the second straight session, down 388.20 points, or 0.66%, at 58,576 levels.
At the end of the day’s trade, Mukesh Ambani-led Reliance Industries (RIL) held the top chart position with a market capitalisation of ₹17.32 lakh crore. The m-cap of Tata Consultancy Services (TCS) and HDFC Bank - the country’s second and third most valued firms - stood at ₹13.50 lakh crore and ₹8.28 lakh crore, respectively. With a m-cap of ₹7.30 lakh crore, Infosys continued to hold fourth position, followed by ICICI Bank (₹5.31 lakh crore), HUL (₹5.01 lakh crore), SBI (₹4.58 lakh crore), Bajaj Finance (₹4.41 lakh crore), and HDFC (₹4.40 lakh crore). Adani Green Energy remained in the tenth position with a m-cap of ₹4.36 lakh crore.
Meanwhile, Gautam Adani, founder and chairman of the Adani group, has entered the $100 billion club on the back of a strong surge in his net worth. With a net worth of $118 billion, he is the only Indian to appear on Bloomberg's top-10 Billionaire list. The 59-year-old business tycoon has surpassed Google’s famed founders Larry Page and Sergey Brin with a net worth jumping by more than $18 billion in a week.
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