Shares of billionaire Gautam Adani-led Adani group companies saw a surge in buying activities on Wednesday, in an otherwise weak broader market. Adani Enterprises, Adani Green Energy, and Adani Transmission rose up to 3% on plans to raise funds. In contrast, the BSE benchmark Sensex dropped 500 points, or 0.84%, to 59,670, following weak cues from global peers.

Adani Enterprises shares opened higher at ₹2,157 against the previous closing price of ₹2,141.85 and gained as much as 1.4% to hit a high of ₹2,171.80 on the BSE. The stock of the Adani Group flagship company has been gaining for the last 10 days and has risen nearly 20% during the period. Technically, the stock is in a bullish range on a weekly and monthly timeframe and trades higher than 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

Meanwhile, Adani Green Energy shares rose 2.8% to hit a fresh all-time high of ₹2,250 on the BSE. The stock has gained nearly 21% in a week and 18% in the last one month. It has given a decent return of 87% to its shareholders in the past one year, while it rallied 69% since the beginning of the calendar year 2022.

In a similar trend, shares of Adani Transmission gained 0.7% to touch a day's high of ₹2,470.90 during the session so far. The stock has climbed 3.5% in the past four sessions and 6% in a month. It currently trades 4% lower than its 52-week high of ₹2,577.65 touched on March 30, 2022.

Among others, Adani Power shares surged 5% to hit a new 52-week high of 244.5. It has risen 42.6% in one week and more than 100% in last one month.

What boosted Adani group shares?

The rally in Adani Enterprises, Adani Green Energy, and Adani Transmission shares can be attributed to fund raising plan. The Adani group companies in filing to exchanges said that their boards will meet on April 8 to consider and approve the proposal for raising of funds through various means. The fund may be raised by way of the issue of equity shares or any other eligible securities, subject to regulatory approvals.

“The board of directors of the company is scheduled on 08/04/2022, inter alia, to consider and approve the proposal for raising of funds by way of rights issue, preferential allotment, including a qualified institutions placement or through any other permissible mode and/or a combination thereof,” as per the exchange filing.

In a separate development, Adani Enterprises’ subsidiary has completed the acquisition of a minority stake in Israel-based Forsight Robotics Ltd. Adani Global Mauritius, a wholly owned subsidiary of the Company, has acquired a minority stake in Forsight Robotics for a cash consideration of $20 million. The target company is focused on medical technology.

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