Adani’s newest acquisition flies on stock market
By S Jha
New Delhi, September 19: Adani companies have proven to be the proverbial goose laying golden eggs on the stock market. Since the Covid-19 low of the stock market, the Adani stocks have zoomed several times to command jaw-dropping prices on the bourses.
The newest acquisition of Adani is also flying in the hope that the company will get magical power for its share price on the lines of Adani Enterprises, Adani Transmissions and so on.
The global brokerage firms have also gone gung ho with the newest Adani acquisition, arguing that the cash rich company, which will have capital infusion of more than Rs 20,000 crore would be better placed than the peers in the highly competitive market in the segment.
More so, the company will be headed by Gautam Adani as the chairman, while his 35-year-old son Karan Adani joins as the Director. Karan Adani is, incidentally, heading the Adani Parts, the only company in the Adani stable, whose share price has not been flying like other group companies.
Adani Part under the leadership of Karan Adani in fact has been scaling up in the post-Covid phae, growing from two ports to 10 now, with an acquisition in Israel now.
On March 8, this year, the newest acquisition of Adani had bottomed out on the stock market, touching the low of Rs 281.20 per share. In about six months, the share price of this company has grown up by about 100 per cent, doubling in quick times even while its peers remained sideways to marginal positive bias.
Ambuja Cement along with ACC is now with Adani Group. On Monday, Ambuja Cement, the star performer from the cement segment in the last six months was flying like if there will be no other day.
After the first two hours of trading on Monday, the share price of Ambuja Cement was trading at Rs 561.75, with a gain of over 8.72 per cent, with the likelihood that it may hit the upper circuit of 10 per cent.
Ambuja Cement is an FnO stock, so circuits are dynamically revised.
It looks as if acche din of Ambuja Cement has come, at least evident by the price action on the stock market.
(Disclaimer: The article is an analysis of the price action of a stock, and it in no ways gives a buy or a sell recommendation)
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