Adani Group shares rally; Adani Gas, Adani Transmission surge 12%

Shares of Adani Group companies were in focus on Friday and rallied up to 12 per cent intra-day on the back of heavy volumes on the BSE in an otherwise weak market.

Adani Gas (Rs 168) and Adani Transmission (Rs 315) rallied 12 per cent each on the BSE. Adani Power (up 8 per cent at Rs 66.60), Adani Green Energy (5 per cent at Rs 139), Adani Enterprises (4 per cent at Rs 221) and Adani Ports and Special Economic Zone (3 per cent at Rs 384) were up in the range of 3-8 per cent on the BSE.

Of these, Adani Enterprises, Adani Green Energy, and Adani Transmission hit multi-year high in intra-day trade today. In comparison, the S&P BSE Sensex was down 0.66 per cent or 271 points at 40,854 at 10:42 am.

The trading volumes on the Adani Gas counter jumped over 10-fold with a combined 6.2 million equity shares changing hands on the NSE and BSE so far. Moreover, Adani Ports and Adani Transmission counters saw their trading volumes more-than-doubled today.

According to a PTI report, the Competition Commission on Thursday said it has given approval to the acquisition of 37.4 per cent shareholding and joint control by Total Group in Adani Gas.

The proposed combination represents an investment opportunity for Total along with its subsidiaries and affiliates (Total Group) given the future of natural gas business in India.