Adani Group stocks rally after Codelco copper pact, MSCI inclusion
New Delhi, Nov 12
Adani Group stocks traded higher on Thursday, outperforming the benchmark Nifty amid gains led by Adani Ports, Adani Enterprises and Adani Green Energy following the announcement of a Codelco copper deal and Adani Green's inclusion in the MSCI Global Standard Index.
Adani Energy Solutions rose up to 1.6 per cent to Rs 1,439.70 by 11:55 am on the NSE as compared to a 0.4 per cent advance in the benchmark Nifty index.
Meanwhile, Adani Enterprises, Adani Ports and Special Economic Zone, Adani Energy Solutions and Adani Green Energy jumped 1.61 per cent, 1.49 per cent, 1.6 per cent and 1.76 per cent, respectively.
However, Adani Ports and Adani Enterprises led the rally, trading over 1 per cent higher at Rs 1,907 apiece and Rs 2,714.5 apiece, respectively.
The gains came after Adani Green Energy was added to it in its November 2026 review.
Also, the company is expected to attract $60 million in inflows.
The changes are expected to increase India's weight in the MSCI Emerging Markets Index to 11.7 per cent from 11.5 per cent with incremental passive inflows of around $2 billion expected on November 30, as per reports.
Earlier in the day, Kutch Copper Ltd (KCL) -- a unit of Adani Enterprises Ltd (AEL) and Chile's Codelco on Thursday announced that they have formed a strategic exploration partnership at the Kaburkaala project in Calama copper belt of the Antofagasta Region in northern Chile.
The collaboration strengthens India-Chile cooperation in critical minerals, at a time when resource security has become a strategic priority for both nations.
Separately, the Adani Group is reportedly seeking to fund as much as half of the 2.56 billion euro acquisition of Evos B.V. with equity, with the remainder through a syndicated loan.
Reports also claim that the conglomerate will infuse equity up to the equivalent of $1.45 billion to fund the transaction and is also working to refinance about 1.3 billion euros of existing debt at Evos.
Mitsubishi UFJ Financial Group Inc. is the sole underwriter for the Evos transaction and is providing financing commitments for up to 2.8 billion euros, with other lenders in talks to join the financing at a later stage, according to them.
— IANS
Leave a comment