This Adani group stock has doubled in 12 months and has surpassed market cap of ITC, Maruti and L&T
- The power transmission company’s market capitalisation is nearing ₹4 trillion, which is the highest amongst all Adani Group companies.
- With this, it becomes the 12th most valuable company leaving behind ITC, Maruti Suzuki, L&T, DMart, HCL Technologies, Wipro among others.
- Also, the company has doubled investor wealth in seven months of 2022 and almost tripled it in the last one year.
AdvertisementBillionaire Gautam Adani-owned Adani Transmission hit a 52-week high today and has left behind top companies across sectors in market value.
The power transmission company is the most valuable company in the group with a ₹3.87 lakh crore market capitalization. Its valuation is higher than that of cigarette-to-hotels conglomerate ITC, India’s largest car maker Maruti Suzuki, construction major L&T, DMart, and tech companies like HCL Technologies and Wipro.
Currently, it is the twelfth most valuable company in India. The company has doubled in seven months of 2022; and almost tripled it in the last one year.
The company has a power transmission line length of close to 14,279 circuit kilometers and distributes power to over 1.2 crore customers. It grew inorganically and acquired two transmission companies in the last two years. Further, it intends to access and supply 30% of Mumbai’s needs with renewable energy by 2023.
|Nifty 50 stocks below ₹4 trillion m-cap||Market cap (₹ lakh crore)|
|Kotak Mahindra Bank||₹3.66|
The spectrum surge
Meanwhile, Adani Group company stocks have surged significantly in the last one month despite weak market sentiment because of the 5G spectrum auction. Adani has acquired the right to use 400MHz of spectrum worth ₹212 crore for 20 years in the 5G spectrum auction. It will use the spectrum to create a digital infrastructure portfolio for its group companies.
“The newly acquired 5G spectrum is expected to help create a unified digital platform that will accelerate the pace and scale of Adani Group’s digitization of its core infrastructure, primary industry and B2C business portfolio,” it said in a statement.
Acquiring 400MHz of spectrum is the group’s first step in integrating its digital infrastructure portfolio, which includes data centres, terrestrial fibre and submarine cables, industrial cloud, AI innovation labs, cybersecurity and super apps, as per a press release.
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