In the afternoon deals on Tuesday, a total of 129 stocks hit their respective 52-week highs on the bourses. These include Adani Enterprises, Adani Wilmar, Adani Power, Meghmani Finechem, Usha Martin, Vadilal Industries and more.
In this article, we shall take a look at Adani Group Stocks that reached their 52-week highs on Tuesday.
Adani Enterprises
The shares of Adani Enterprises Limited surged over 5.45% on Tuesday to reach a fresh 52 week high of ₹2413.90 apiece. This happened as the Adani Group has finalized its financing for the $10 billion acquisition of Holcim’s India assets ACC Limited and Ambuja Cements, making them a frontrunner to take over the 66 MTPA assets in India.
The banks that are said to be helping the conglomerate are ICICI Bank, Axis Bank, Global banks Barclays, and Deutsche Bank.
Adani Wilmar
The shares of Adani Wilmar that got listed earlier this year crossed a market capitalization of ₹ 1 lakh crores as they surged to their fresh 52 week high of ₹803.15 apiece. Currently, the shares are locked at a 5% upper circuit and have gained about 250% over their issue price.
The scrip has a market capitalization of ₹ 1,04,338 crores and now ranks among the top 50 most valued firms in India. It has constantly been gaining over the past four trading sessions and has risen by 20.15% during this period. With this all of the seven Adani Group companies have crossed a market capitalization of over 1 lakh crores.
It is trading higher than its 5 days, 20 days, 50 days, 100 days and 200-day moving averages. The rally in its share price has been primarily fuelled by the rise in edible oil prices due to the Russia Ukraine war and after Indonesia put an export ban on palm oil. Malaysian export tax might also hinder the edible oil supply and drive prices upwards.
Adani Power
The scrip was another big gainer on the D-street. The shares of Adani Power zoomed 17.94% in the last five trading sessions and 181.98% Year To Date (YTD). just like Adani Wilmar, Adani Power is trading higher than the 5 days, 20 days, 50 days, 100 days and 200-day moving averages.
One of the key reasons behind the rise in its share price is the increased demand for power, which has forced Adani Power and its peers to manufacture with full capacity. The share is locked at an upper circuit at ₹ 285.65 since early trades on Tuesday
Adani Ports and Special Economic Zone Ltd
The shares of Adani Ports and Special Economic Zone reached their fresh 52-week high of ₹ 913.00 close to the closing bell on Tuesday.
Most of the Adani Group Stocks are skyrocketing due to the rise in commodity prices. An increase in the prices of edible oils is leading to higher trading activity, which could mean more business for Adani ports.
Disclaimer
The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
