Adani Group Stocks Shines up After Gautam Adani Announces $15-20 bn Capex In Next Five Years At AGM

Adani Group Stocks Shines up After Gautam Adani Announces $15-20 bn Capex In Next Five Years At AGM

Our capital investment across businesses is set to break all records,’ Gautam Adani tells shareholders; Ambuja Cement, Adani Ports lead gains among Adani Group stocks

AGM
Adani Group stocks were trading in green and rose up to 4% on June 24 after the conglomerate’s chairman announced $15-20 billion capex in next five years at the group’s annual general meeting.

“Our governance is of global standards and the group clocked record revenues and net profit last fiscal year,” said Adani while addressing shareholders.

“Adani Power crossed 100 billion units of generation. A scale never before matched by any private sector company. It is now well on track to reach 31 GW capacity by 2030,” said Adani.

On June 24, shares of the group’s flagship arm Adani Enterprises rose up to 2.7% to trade at Rs 2,539 apiece while shares of Adani Green Energy rose 3.8% to Rs 998.3 apiece.

“Adani Green is building the world’s largest renewable energy park – right here in India and visible even from space. From Khavda to the world, our target of 50 GW by 2030 is proof that scale and sustainability can coexist,” said Adani.

“Our capital investment across businesses is set to break all records. We anticipate an annual capex spend of $15–20 billion for the next 5 years. These are not just investments in our Group, but investments in the possibilities for doing our part to build India’s infrastructure,” added Adani.

Shares of Adani Power and Adani Total Gas were trading 1.5% and 1.2% higher, respectively.

Meanwhile, shares of Adani Ports were trading nearly 4% higher at Rs 1,406 apiece.

Adani Ports handled a record 450 MMT of cargo and became the beating heart of India’s trade. With marine, trucking, warehousing, and even freight forwarding, we are creating a transport utility for the future,” said Adani.

Shares of ACC and Ambuja Cement were trading 2.35% and 4% higher, respectively.

“Two and a half years ago, when we acquired Holcim’s India cement business, we had made a bold commitment – to double our capacity to 140 MTPA by FY27-28. Today, I am proud to share that we have already achieved 72% of that target and crossed the 100 MTPA milestone,” added Adani.

Shares of Adani Energy Solutions were trading 2% higher at Rs 855.8 apiece.

“Adani Energy Solutions handled smart metering, high-voltage links and is keeping India’s grids future-ready. It secured close to Rs 44,000 crore in transmission orders and is executing Rs 13,600 crore worth of smart metering projects,” said Adani.