Gautam Adani’s company outperforms NTPC and Tata Motors in one fell swoop, shares rise 318% this year

New Delhi: Most Adani Group companies continued to rally for the second day in a row despite the fall in the stock markets. Shares of group company Adani Power rose more than 4 percent to Rs 419 during trading on the BSE. This is its all-time high. With this, the market value of the company has increased to 1.60 lakh crores. The company, owned by Gautam Adani, India’s and Asia’s richest man, has overtaken state-owned power company NTPC, Tata Motors and Mahindra & Mahindra. Adani Power has become the country’s 34th most valuable company by market value.

Adani Group shares rose 2.88 percent to close at Rs 410.90 on Friday. Shares of Adani Power have gained 41 percent in the past one month, while the benchmark BSE Sensex has gained 10 percent during the period. Shares of Adani Power have gained 318 percent so far this year, while the Sensex has gained just 1.9 percent in the period. The company’s profit rose 17-fold to Rs 4,780 crore in the June quarter. The profit for the same quarter last year was Rs 278 crore.

Shares of most Adani Group companies rose on Friday. However, shares of Adani Transmission closed with a gain of 0.62 percent. It is the most valuable company of the group in terms of market value. Its market value is Rs 404,366.10 crore. Shares of Adani Green Energy gained 5.44 percent and Adani Ports gained 4.27 percent. Adani Enterprises was down 0.85 percent, Adani Total Gas was down 1.54 percent and Adani Wilmar was down 0.40 percent.

Rising in shares, Adani’s assets rose by $2.48 billion to $135 billion on Thursday. Adani remains at the fourth position behind Elon Musk, Jeff Bezos and Bernard Arnold in the list of the world’s richest people. His net worth increased by $58.3 billion this year. Apart from him, all the top 10 richest people have seen their net worth fall this year. Meanwhile, Mukesh Ambani, chairman of Reliance Industries, the country’s most valuable company, is at the 11th position with a net worth of $94.5 billion.

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