Shares of Adani Enterprises surged over 3 per cent to Rs 2,459 on the National Stock Exchange (NSE) in Monday’s early trade after the Maharashtra government approved the Dharavi Redevelopment Project for Adani Properties, one its group companies.
The stock settled 33.90 points, or 1.43 per cent higher at Rs 2,410.
The impact was seen on other Adani Group stocks also as all 10 stocks were trading in the green, rising up to 5 per cent. Adani Power gained 1.49 per cent, Adani Total Gas added 2.21 per cent, Adani Wilmar shares rose 0.90 per cent each, Adani Ports and Special Economic Zones (APSEZ) rose 1.63 per cent, Adani Transmission rose 2 per cent, Adani Green 0.74 per cent, Ambuja Cements 0.29 per cent and NDTV were locked at 5 per cent upper circuit
The government of Maharashtra formally awarded the 259-hectare Dharavi Revelopment project to Adani Properties on Friday.
The project involves rebuilding the Dharavi Slum Spral in central Mumbai, located near the BKC business district. It has a revenue potential of Rs 20,000 crore, according to a PTI report.
In November last year, Adani Properties won the bid, beating DLF and Naman Developers. According to an order released on 13 July by the Housing Development Department, the state cabinet approved the outcome of the bidding process on 22 December 2022, following which the rights are being awarded.
Several other events also contributed to the rise in shares of the Gautam Adani-led conglomerate.
On 15 July, the Adani Group announced the commissioning of India’s first transnational project at Godda in Jharkhand to supply power to the Bangladesh electricity grid. Gautam Adani called on Bangladesh PM Sheikh Hasina in Dhaka on Saturday following the full load commencement of power supply to Bangladesh from its Ultra Super-Critical Thermal Power Plant (USCTPP) in Godda.