Adani Green Sole Bright Spot As Group Stocks Endure Tough Week

Adani Green Sole Bright Spot As Group Stocks Endure Tough Week

Opening at ₹1,518.95 on Monday, it closed at ₹1,533.10 on Friday, marking a weekly gain of ₹14.15, or 0.93%. This was in contrast to the overall downward trend in the market.

www.benzinga.comUpdated: Monday, December 25, 2023, 03:56 PM IST
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At the week’s end, Adani Green emerged as the star performer among Adani Group stocks. Opening at ₹1,518.95 on Monday, it closed at ₹1,533.10 on Friday, marking a weekly gain of ₹14.15, or 0.93%. This was in contrast to the overall downward trend in the market.

On the other hand, Adani Enterprises turned out to be the biggest loser of the week. The stock, which opened at ₹2,993.95, closed at ₹2,808.35, suffering a weekly loss of ₹185.60, or 6.20%. This marked a significant underperformance compared to its peers.

Meanwhile, Adani Ports and Special Economic Zone and Ambuja Cements also witnessed a slide. Adani Ports’ shares declined by 4.77%, from ₹1,079.00 to ₹1,027.50. Ambuja Cements’ stock price fell by 4.94%, from ₹530.00 to ₹503.80.

Other Adani Group stocks, including Adani Total Gas and Adani Power, also ended lower this week. Adani Total Gas slipped by 4.84% and Adani Power by 5.63%.

Interestingly, amidst the market volatility, shares of Adani Wilmar and Patanjali were on the rise this week. This came in the wake of reports that the government has decided to continue allowing the import of edible oils at lower tax rates. The Indian government has reportedly extended this concession until March 2025, aiming to manage domestic prices more effectively. The extension of this lower import duty structure applies to crude palm oil, crude sunflower oil, and crude soya oil.

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(The article is published under a mutual content partnership arrangement between The Free Press Journal and Benzinga)

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