Adani Total Gas, Adani Green Energy: Adani Shares Which Have Gained Over 50% In Last 1 Week

Amidst a broader market rally witnessed in the Indian equity market this week, the share price of two Adani shares - Adani Total Gas, and Adani Green Energy, have gained more than 50% in the last one week. This is a drastic jump in the stock price of Adani group firms after the pressure faced by group stocks in the initial half of this year following the controversy over the Hindenburg Research report.

Adani Total Gas shares closed a tad lower at Rs 1155.80 per share on Friday. On December 7, the stock touched the upper circuit at Rs. 1159.00. Before this, the share price of Adani Total Gas had hit the upper circuit at Rs 1053.80 on December 6, 2023. On Friday, the stock saw a spurt in trading volume by more than 2.36 times.

Adani Total Gas Share price performance:

Adani Total Gas stock price has gained 64.82% in the last one week. The company's shares have gained 64.82% in the last two weeks. While the returns from the stock in the last six months have jumped 72.28%. In terms of its last 1-year and 2-year performance, the stock is down 68.69% and 31.42% respectively.

Adani Green Energy Share price performance:

After experiencing a rally for most of the week, on Friday the share price of Adani Green Energy closed 4.55% lower at Rs 1550.55 per share.

Adani Green Energy's stock price has gained 51.04% in the last one week. The company's shares have gained 65.41% in the last two weeks. While the returns from the stock in the last six months have jumped 58.83%. In terms of its last 1 year the stock has fallen 24.44%. In the last 2 years, Adani Green Energy has delivered a positive return of 11.47%.

Meanwhile, other Adani group stocks also showed impressive performance this week. The share price of Adani group's flagship firm Adani Enterprises has gained 19.44% in the last one week. Adani Ports shares have gained 23.57% in the last one week, and the share price of Adani Energy Solutions in up 32.12% in the last one week.

One should note that Adani Total Gas issued a clarification on price movement on December 7, wherein it said that the increase in trading volume/price of the shares is purely market-driven and the management has no information that may have a bearing on the price movement.

The company said, "This is in response to your email dated December 7, 2023, in relation to Price Movement, we would like to submit that the increase in trading volume/price of the shares is purely market driven. Further, the management has no information that may have a bearing on the price movement, and which is yet not disclosed to the stock exchange."

In what is seen as a positive development for the company, recently the US Agency International Development Finance Corp (DFC) concluded that the accusations against the Guatam Adani-led conglomerate were irrelevant. This news has probably reimposed investors' faith in the Indian conglomerate which ultimately drove the shares of group companies higher.