Why did Adani Group shares fall today? 4 of them hit the bottom circuit | Whuff News


There are seven Adani Group companies listed on the stock exchange. They are — Adani Enterprises, Adani Power, Adani Total Gas, Adani Green Energy, Adani Port, Adani Wilmar and Adani Transmission.

This is how Adani shares performed.

Adani Enterprises share price

Adani Enterprises posted a 10% circuit decline on Monday. Shares plunged for the seventh day in a row. Overall, the stock has declined more than 15% in seven days. From the 52-week high 3,883.70 each recorded on September 20, shares of Adani Enterprises have plunged over 23%.

On the BSE, Adani Enterprises closed at 3,157.15 each down 293.85 or 8.51%. The company’s market cap is around 3,59,915.45 crore.

Last week, the company announced that its wholly owned subsidiary achieved financial closure of the Greenfield Ganga Expressway Project (Group-II, III & IV) in the State of Uttar Pradesh under the PPP mode. .

The company also raises 100 crore through issue of market linked debentures.

Adani Power share price

On the BSE, Adani Power ended the circuit 5% lower at 355.15 each. Shares fell by 18.65 from the close of Friday last week. Currently, the company’s market valuation is approx 1,36,979.19 crore.

Adani Power is down nearly 18% from its 52-week high 432.80 each recorded on August 22.

Adani Total Gas share price

Natural gas suppliers are closed on 3,104.65 each down 232.35 or 6.96%. Earlier in the day, the stock touched a 10% lower circuit before correcting. The company’s market valuation is approx 3,41,452.54 crore.

This will be the third consecutive decline in Adani Total shares. Compared to its 52-week high 3,816.30 each witnessed on August 30, the company’s stock has declined nearly 19% year-to-date.

Last week, Ventura Securities on Adani Total Gas in its report said, “We expect gas volumes to grow at a CAGR of 54.3% to 2,382 mmscm by FY25. In the same period revenue/EBITDA/net profit to grow at a CAGR of 38.7 %/ 55.2%/ 65.2% to 8,105 cr/ 2,888 cr/ 2,296 cr respectively. EBITDA and net profit per scm are expected to increase slightly from 11.9/scm and 7.9/scm in FY22 to 12.1/scm and 9.6/scm in FY25, respectively. Despite the aggressive capex, the balance sheet is expected to remain healthy due to strong cash flow generation. Thereafter, the return ratio – RoE and RoIC are expected to improve by 1627bps to 37.4% and 1202bps to 32.5% respectively by FY25.”

On the valuation, the analyst added, “Since the start of our coverage on Adani Total Gas Ltd (ATGL) the stock has risen from 1,685, ~105% to 3,456. As we move forward and burn in FY25 estimates, we believe the stock has run well ahead of fundamentals,” adding, “we recommend HOLD on the stock with a target price of 3,475 representing an increase of 0.5%.

Adani Transmission share price

Power transmission company Adani completed in 3,120.65 each down 170.05 or 5.17% on BSE. The company’s market cap is already there 3,48,106.22 crores.

This will be Adani Transmission’s seventh consecutive drop in Dalal Road. The stock last traded above The 4,000 mark is on September 22.

Adani shares hit a 52-week high 4,238.55 each on September 16. Since then, the stock has plunged more than 26%.

Adani Green Energy share price

On the BSE, Adani Green closed at 2,076.65 each down 182.90 or 8.09%. The company’s market valuation is approx 3,28,948.10 crores.

On October 3, the company announced that its wholly owned subsidiary Adani Renewable Energy Holding Four has incorporated three new subsidiaries.

The primary objective of the new subsidiary is to generate, develop, transform, distribute, transmit, sell and supply any type of power or electricity using wind energy, solar energy or other renewable energy sources, according to the regulatory filing.

The stock has been under pressure since last month. Adani Green shares fell for seven straight days between September 21 and 29, before rebounding slightly on 2,259.55 each on September 30. However, the beginning of October was in a downward tone. That being said, the stock has fallen at least 13.5% in the past 11 days.

Shares are down nearly 32% from their highs. The company hit a 52-week high 3,048 each on April 19.

Adani Wilmar share price

FMCG player Adani slipped to the circuit 5% lower to settle 717.55 each. The company’s market cap is around 93,258.44 crore.

From its highs, Adani Wilmar shares have plunged more than 18% year to date. Shares hit 52-week highs 878.35 on April 28.

Adani Ports share price

On the BSE, shares of Adani Ports ended at 785.45 each down y 35.60 or 4.34%. The company’s market cap is around 1,65,916.36 crore.

In the last seven days, shares of Adani Port have dived by 161.5 or 17.05%. From the 52-week high 987.90 each recorded on September 20, Adani Ports shares have fallen about 20.5%.

On October 3, the company announced its operational performance for September 2022. The company posted 13% YoY growth in cargo volume to reach 26.1 MMT in September. It said, “This surge in volumes occurred despite the prolonged monsoon which adversely affected coal demand/imports and the higher ban/duty on rice exports imposed at the beginning of the month.”

In the first six months of FY23, the company handled 177.5 MMT of cargo, which is a good 11% increase over the same period last year. Average monthly cargo run rates are well within our annual guided range of 350 -360 MMT.

As of October 3, the Adani Group is the most valuable conglomerate with a cumulative market valuation of over 17.74 lakh crore from its 7 listed firms. Meanwhile, Mukesh Ambani’s Reliance Industries has a market cap of over 16.06 lakh crore followed by Tata Group’s TCS with more valuation 10.92 lakh crore at present.

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