Adani Group becomes 3rd Indian conglomerate to cross $100 billion in m-cap

Adani signboard

Billionaire Gautam Adani's ports-to-energy conglomerate has become India's third group to cross USD 100 billion in market capitalisation with shares of four of its six listed companies soaring to an all-time high on Tuesday.

The total market cap of Adani Group's six listed companies at the close of trading on Tuesday was Rs 7.84 lakh crore or USD 106.8 billion, according to stock exchange data.

Adani Group is the third Indian conglomerate to cross the USD 100 billion market cap mark after Tata Group and Reliance Industries Ltd.

After starting out as a commodities trader in the late 1980s, Gautam Adani has over two decades built an empire that now spans from mines, ports and power plants to airports, data centre, city gas and defence.

In the last two years, his group has gained control of seven airports and almost a quarter of India's air traffic, made rapid strides in renewable energy capacity addition, won a contract to co-develop a port terminal in Sri Lanka and bought ports in India.

In recent weeks, the group has acquired astake in Gangavaram port, commissioned wind power plant in Gujarat, discovered natural gas reserves off the Mumbai coast, acquired solar projects, bought a power transmission project from Essel Infraprojects and signed a pact to develop 1 gigawatt of data centre capacity in India.

Adani Ports controls 30 per cent of the nation's port industry and has French energy giant Total as a partner in its renewable energy and city gas distribution business.

Adani Green is targeting 25 gigawatts of renewable capacity by 2025.

According to BSE data, Adani Enterprises closed at an all-time high of Rs 1,225.55 on the BSE on Tuesday, up 7.67 per cent over the previous day's close.

Adani Total Gas touched a record high of Rs 1,248 before closing at Rs 1,204.35, while Adani Transmission jumped 5 per cent to Rs 1,147 before settling at Rs 1,109.90.

Adani Ports gained 12.84 per cent to end at an all-time high of Rs 837.45.

Adani Power rose 5 per cent to Rs 98.40, while Adani Green Energy gained 2.2 per cent to Rs 1,194.55.

Except for Adani Green and Adani Power, the shares of other listed firms touched a record high.

Tata Group's current market cap is around USD 242 billion while RIL m-cap is at USD 171 billion.

Five of the Adani Group firms have a market cap of over Rs 1 lakh crore, while one -- Adani Power-- has an m-cap of Rs 37,952.28 crore.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel