Adani Group enterprises' shares rose on May 31 amid increased trading activity, defying the trend of the benchmark indexes. At 1440 hours on May 31, Adani Enterprises' stock increased by more than 7%, while Adani Ports & SEZ rose by 4%. Adani Total Gas increased by 10%, Adani Power by 13%, and Adani Energy Solutions was up roughly 3%. Adani Green Energy's shares increased by 4.4 percent, while Adani Wilmar, Ambuja Cements, and ACC increased by 3.6 percent, 2%, and 2%, respectively. NDTV's stock climbed 9%.
Meanwhile, India's benchmark Sensex and Nifty indexes remained turbulent ahead of the national election results. At 1435 hours, the Sensex was trading 43 points down, while the Nifty was down 8 points.
Adani Group's FY24 profits showed substantial increase, according to a Business Line news story. EBITDA increased 45 percent to Rs 82,917 crore, net profit increased 71% to Rs40,129 crore, and cash reserves approached Rs 60,000 crore. These data were released in the annual reports of the conglomerate's two firms, Adani Ports and Special Economic Zone and Adani Energy Solutions.
Chairman Gautam Adani discussed the problems of 2023, including charges from Hindenburg Research. Despite setbacks, the group raised Rs 40,000 crore, bolstering cash reserves and pre-paying Rs 17,500 crore in debt, he said.
In keeping with India's efforts to decrease carbon emissions, Gautam Adani set a revised renewable energy target of 50 GW by 2030. Adani Ports handled 420 million tonnes of cargo, with plans for more acquisitions and an ambitious goal of 1 billion tonnes by 2030. CEO Ashwani Gupta emphasized worldwide expansion initiatives in many locations.
Snowcap Research recently cautioned that Adani Green Energy, a subsidiary of Gautam Adani's company, risks falling short of growth ambitions in the absence of a share issuance to boost funds. With declining return expectations and increased loan expenses, Adani Green may fail to meet its renewable energy target by 2030, according to the study.
Snowcap estimates that Adani Green can only meet half of its financial needs without fresh capital and would likely achieve 11-12% returns less than the 17% objective declared in 2021. Adani Green dismissed these assertions as unfounded and factually incorrect. Adani Green's shares initially plummeted, then regained part of their losses.
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