Due to the tremendous profits reported by his company, which currently has a market valuation of Rs 15.5 lakh crore, Adani Group Chairman Gautam Adani added an astounding Rs 39,000 crore to his already massive fortune this week.
According to Forbes, the 62-year-old chairman of the Adani Group, Gautam Adani, has a real-time net worth of $76.9 billion, making him one of the richest people in the world. Currently ranked 21st on Forbes' list of the world's billionaires, Gautam Adani is the second richest person in India, after Mukesh Ambani, the chairman of Reliance Industries.
Adani's wealth has increased as a result of the impressive increase in the market capitalisation of nine of the Adani Group's ten listed firms, all of which had successful stock market performances.
Strong earnings from airports and new energy units helped Adani Enterprises, the main company of the Adani Group, announce a huge increase in net profit for the September quarter on Tuesday. This helped to offset the negative impact of Adani's coal operations. Adani Enterprises' share price increased by more than 5% to Rs 2,994.70 on Wednesday as a result of the company's impressive Q2 earnings. The stock was trading at Rs 2,986.90 on the BSE, up 5.11%, while it was up 4.87% at Rs 2,987.50 on the NSE.
Nine out of the 10 listed companies of Adani Group saw market cap climb in three days of trade on the back of strong financial and operating results, stock market data showed. Flagship Adani Enterprises Ltd added the most value by about Rs 23,268 crore, followed by Adani Ports & SEZ at Rs 9,440 crore. Adani Power Ltd was the only firm that saw market capitalisation drop.
Other group companies - power transmission firm Adani Energy Solutions Ltd, clean energy company Adani Green Energy Ltd, city gas distributor Adani Total Gas Ltd, commodities trader Adani Wilmar Ltd, media firm NDTV and cement companies ACC and Ambuja Cement rose in value.
Adani Enterprises Ltd (AEL) and Adani Ports & SEZ Ltd (APSEZ) - two of the group's oldest companies - posted nearly an eight-fold and 37 per cent surge in net profit, respectively. Since the initial Hindenburg report in January 2023, Adani Group stocks have consistently defied negative predictions and political attacks. This resilience has been attributed to the group's strong performance and growth trajectory.
(With inputs from PTI)
