Gautam Adani gets richer by Rs 390000000000 in a week due to…
GH News October 30, 2024 11:06 PM
Its turning out to be a happy Diwali for billionaire Gautam Adani as the Adani Group Chairman added a whopping Rs 39000 crore to his already massive fortune this week owing to the overwhelming profits posted by his conglomerate which now boasts a market cap of Rs 15.5 lakh crore.
Gautam Adani the 62-year-old Chairman of the Adani Group is one of the richest individuals in the world with a real-time net worth of $76.9 billion according to Forbes. Currently sitting at 21st spot on the Forbes Worlds Billionaires list Gautam Adani is the second richest person in India behind Reliance Industries Chairman Mukesh Ambani.
The rise in Adanis wealth is attributed to the remarkable climb in the market cap of nine out of the 10 listed companies of the Adani Group which saw a strong performance at the stock market.
On Tuesday Adani Enterprises the flagship company of the Adani Group posted a massive uptick in net profit in the September quarter owing to strong earnings from airports and new energy units which have offset the drag from Adanis coal business. On Wednesday thanks to the strong Q2 earnings Adani Enterprises share price climbed by over 5% to Rs 2994.70 with the companys stock trading at Rs 2986.90 on the BSE (a rise of 5.11%) and surging 4.87% at the NSE at Rs 2987.50.
Adani Enterprises added Rs 23268 crore to its market value while Adani Ports & SEZ added Rs 9440 crore posting a stunning eight-fold and 37% increase in profit respectively.
Adani Groups other firms Adani Energy Solutions Ltd Adani Green Energy Ltd Adani Total Gas Ltd Adani Wilmar Ltd cement companies ACC and Ambuja Cement and media company NDTV also saw a rise in their market cap during the past week.
Adani Power Ltd was the only firm which witnessed a dip in its market cap according to stock market data.
The good news for Gautam Adani comes following a major setback wherein the Kenyan high court ordered the suspension of a $736 million deal between the state-owned Kenya Electrical Transmission Company (KETRACO) and Adani Groups Adani Energy Solutions to build and operate power infrastructure including transmission lines.