Adani Wilmar Share | Adani Power Share: Market movers: Adani Group stocks on a roll, Wilmar zooms 47% in 9 sessions
NEW DELHI: Overall market may be nervous and been choppy for days, affecting almost every sector but there are stocks from one conglomerate group that stand tall amid this environment: Adani Group.
Adani Power clocked fifth straight day of gains on Monday rising 14 per cent and extending the rally to 34 per cent in the period. The company recently concluded acquisition of Essar Power MP. It is also experimenting with usage of liquid Ammonia in APMuL’s power plant at Mundra.
Meanwhile, Adani Total Gas established its first ever EV charging station in Ahmedabad. The stock climbed 2 per cent, extending the rally to ninth straight day. It has jumped 34 per cent in the period.
Adani Wilmar that listed in February became a multibagger on Monday and hit its all time high. Prices of oil, especially sunflower oil, have skyrocketed due to the war in Ukraine, and this is likely to benefit the company that has enough inventory to cover supply for months, as per the company. The stock also climbed for the ninth session on Monday, extending its rally to 47 per cent.
Energy stocks bleed
Shares of energy stocks were in the red on Tuesday as crude oil prices plunged sharply in the international market thanks to imposition of lockdown in key cities in China. ONGC, which explores and digs oil wells, closed down over 3 per cent as fall in prices will affect its revenues.
Meanwhile, shares of oil market companies also closed in the red as they have taken consistent hikes in the last 7-8 days, taking petrol price in the national capital to more than Rs 100 per litre. This, though will help them replenish losses, it may also bring demand down.
Indian Oil fell over 1 per cent, Oil India close to a per cent and Bharat Petroleum ended 0.35 per cent lower.
Big order
PNC Infratech said it has been declared as the L1 (lowest) bidder for a NHAI project in Southern and Western India. The project is worth Rs 1,575 crore, the company said.
The job comprises construction of 6 lane with access controlled greenfield highway from km 26.000 to km 97.000, MH/KN Border (Badadal) to Maradgi S Andola section of NH – 150C (Package-II of Akkalkot to KN/TS Border section) on Hybrid Annuity Mode.
The Project is to be constructed in 30 months and operated for 15 years post construction.
The stock spiked 5 per cent following the announcement.
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