Gautam Adani: Adani group gains momentum, market cap increases for the first time since February 8

Adani Group’s market cap increased

The day’s rally on Tuesday has added over Rs 30,000 crore to the combined market capitalization of Adani Group, according to BSE data. This was the first time since 8 February 2023. The total market capitalization of the group at the close of business was Rs 7.1 lakh crore. All 10 stocks of the FMCG conglomerate in Gujarat-headquartered Ports were in decline since January 25. The shares of Adani Group were falling rapidly every day since the report of American research firm Hindenburg came out. Although the Adani group denied Hindenburg’s allegations, the shares were still falling. On a point-to-point basis, the total loss in market value has been Rs 12.1 lakh crore, which is around $146 billion.

Gautam Adani: Gautam Adani jumped in the list of billionaires, reached number 30, Mukesh Ambani rolled

Because of this the stock saw a boom

According to a Reuters report, Adani Group is planning to prepay the loan taken by pledging shares to improve its credit profile. The company may prepay debt of about Rs 6,500 crore by March. This report solved the problem of Adani Group. Investor confidence appeared to be somewhat restored and the group’s shares jumped. Meanwhile, LIC stocks were also under selling pressure due to fall in Adani Group shares. On Tuesday, LIC shares also saw a boom. LIC shares closed with gains on Tuesday. LIC shares jumped to close at Rs 578.