Adani Enterprises, Adani Wilmar, Adani Ports: How Are These Adani Shares Performing Today?

The share price of Adani group stocks including Adani Enterprises, Adani Wilmar, and Adani Ports continued to remain on investors' watchlist on Monday (January 8) after most Adani stocks showed a stupendous performance last week. Adani shares witnessed almost a week-long rally last week after the Supreme judgment on the Adani-Hindenburg row.

Adani Enterprises Share Price Update:

Today, the share price of Adani Enterprises traded 0.21% lower at Rs 3000.45 per share at 10:09 am IST. In the last one week, the stock has gained 2.81%. In the last six months, Adani Enterprises shares have gained 26.06%. The last one year returns from shares of Adani Enterprises shares have fallen 21.58%. The last two years and last three years returns from the stock have increased 76.39% and 478.85% respectively.

Recently, the company through its wholly-owned subsidiary (WOS), Adani Global Limited, Mauritius ("Adani") has executed a term sheet ("Agreement") on 28th December 2023 for the formation of 49:51 Joint Venture (JV) with UAE-based Sirius International Holding Limited, UAE ("Sirius").

The Agreement has been executed, interalia, to enable the deployment of cutting-edge Artificial Intelligence (AI), Internet of Things (IoT), and Secured Blockchain Products for industrial applications, by a joint venture company (or JVCo) of Adani and Sirius.

Adani Ports share price update:

Today, the share price of Adani Ports and Special Economic Zone Limited traded at a new 52 52-week high value Rs 1172 per share. Adani Ports shares were up 1.38% at Rs 1170 per share at 10:18 am IST. Before this, the stock traded on a new 52-week high value of 1159.90 on Jan 5, 2024. As of Jan 8, the stock has 52 Wk High and 52 Wk Low of 1,172.00 and 394.95 respectively.

Adani Ports stock price grabbed attention today after in a January 7 report, Citi named Adani Ports and SEZ as a top pick and raised the target price of the stock to Rs 1,368.

The brokerage firm which has a Buy call on Adani Ports expects the company to report strong volume, revenue, and EBITDA growth along with good cash flows. According to the brokerage, strong volume growth should lead to core port EBITDA growth of 41% YoY and 7% QoQ.

As per the report, the final Supreme Court judgment on the Hindenburg case and improving leverage are likely to drive stock price performance. In the last one week, stocks of Adani Ports have gained 11.40%.

Adani Wilmar share price update:

On Monday, shares of Adani Wilmar Ltd traded 1.36% lower at Rs 372.80 per share at 10:39 am IST. On Friday, the Adani group company Adani Wilmar announced its results for the quarter ended December FY24. The Adani Group company posted an overall volume growth of 6%; however, the company saw a 15% decrease in standalone sales compared to the previous year.

The firm's edible oil business declined 21% from last year, while the Food & FMCG business was up 28% from last year. Returns from the stock have fallen 34.44% in the last one year. In the last one week, the stock has gained 1.53%.

Adani shares saw a robust performance in the first week of 2024 after the Supreme Court last week refused to order an SIT probe into allegations leveled by the US Short-seller Hindenburg Research against the Gautam Adani-led Indian conglomerate.

While announcing its verdict on a batch of petitions seeking examination of allegations of fraud made against Adani group firms in the Hindenburg Research report the apex court dismissed reliance on a third-party report and affirmed faith in SEBI's handling of the case. The SC said that there are no valid grounds to direct the regulator to regulate its amendments made in the exercise of delegated legislative powers.

The rally in shares of Adani group firms added immensely to the total market cap of the Adani group, subsequently raising Gautam Adani's net worth. On January 5, Gautam Adani assumed the throne of India's richest person with a total net worth of $97.6 Billion, according to the Bloomberg Billionaires Index. As of January 8, 2024, Gautam Adani is India's second richest person with a net worth of $94.5 Billion.