Valuation of Adani Group soars 88% in six months: report
MUMBAI: The Adani Group has gained the most in terms of value in the six months to April 2022, with a 88.1% jump to ₹17.6 lakh crore, a report said on Wednesday.
In comparison, billionaire Mukesh Ambani’s Reliance Industries—which houses nearly all its ventures—saw a 13.4% rise in value to ₹18.87 lakh crore, which helped it retain the top rankings in Burgundy Private Hurun India 500 rankings.
Tata Consultancy Services came second at ₹12.97 lakh crore despite a 0.9% decline in value, and was followed by HDFC Bank, Infosys, and ICICI Bank.
Among the firms led by the Ahmedabad-based Gautam Adani, the valuation for Adani Green Energy rose the fastest at 139% to ₹4.50 lakh crore, which catapulted it to the sixth spot from 16th just six months ago, the report said.
Adani Wilmar grew by nearly 190% to ₹66,427 crore and Adani Power reported a 157.8% growth to ₹66,185 crore, the report said, adding that the nine companies in the Adani group combined together saw a 88.1% surge in their value to ₹17.6 lakh crore and account for 7.6% of the top 500 companies now. “The Adani Group companies in the review period increased their value by 88.1%, as against an increase of just 2% by the top 500 companies,” the report said.
Value of the top 500 companies in India increased marginally by 2% to ₹232 lakh crore from ₹221 lakh crore as on October 30, 2021, it said.
Despite the marginal growth, companies in the list, which is a compilation of non-state owned companies, performed better than those in the 30-share BSE Sensex (down 4%) or the Nasdaq (down 17%), it said.
“Indian firms have weathered the storm and performed better than their global peers. It shows the inherent strength and depth of the Indian economy,” Hurun India’s managing director and chief researcher Anas Rahman Junaid said. Among the unlisted companies, National Stock Exchange led with a 35.6% jump in its valuation to ₹2.28 lakh crore, while Serum Institute of India had a 4.6% decline to ₹1.75 lakh crore and Byju’s saw a 24.7% jump to ₹1.68 lakh crore.
In companies which saw a decline in valuations and a slip in rankings, yoga exponent Ramdev-run Patanjali Ayurved saw a 17.9% decline in its value at ₹23,000 crore, and also slipped in the ranking to 184th spot from being ranked 34th.
The highest gain was by Vedant Fashions with a growth in valuation of 313.9%, followed by Adani Wilmar and Billdesk at 172.9%, it said.