Adani Green locks at upper circuit, Adani Ports up by 4 per cent: Why Adani Group stocks are gaining?

Shares of the companies belonging to Adani Group have been buzzing recently. The shares of Adani Green Energy advanced by 10 per cent on Wednesday and locked in at an upper circuit of Rs 546 as the company informed that it has been ranked as the largest solar power generation company in the world by Mercom Capital.

The stock of Adani Green Energy touched its life-time high on Wednesday. Recently, the company also announced that it will invest Rs 45000 crore (USD 5.96 billion) to execute what is believed to be the world's largest solar order.  

Being one of India’s largest port developers and operators, Adani Ports and Special Economic Zone Ltd announced of handling a cargo volume of 19.26 million metric tonnes (MMT) in the month of August with the container terminal 3 at Mundra port handling 2,12,613 twenty-foot equivalent unit (TEU) thus, creating a national record of the highest volume handled by any terminal in a month in India. Reacting to such positive news, the stock of the company gained by 4.15 per cent.

Adani Power's shares had surged after Supreme Court allowed the company to recover compensatory tariffs from Rajasthan discoms. The apex court's verdict said that Rajasthan's power discoms will pay a higher tariff to Adani.

Headquartered in Ahmedabad and founded by Gautam Adani in 1988, Adani Group is an Indian conglomerate company with business operations in energy, resources, logistics, agribusiness, real estate, financial services, defence, and aerospace.