Many Adani Group stocks rose by up to 5% on Thursday. Adani Enterprises was up 4.80 percent at Rs. 1,779.45 per share in the BSE intraday session on Thursday. Following the trend, Adani Transmission shares were trading 5% higher at Rs. 956.15 a share. Adani Ports’ stock rose 1.65% to Rs. 647 per share. Adani Green and Adani Wilmar were trading 5% and 3.60% higher at Rs. 855.05 and Rs. 410 per share, respectively.
According to Mint, Adani Group wants to increase its operational profitability by about 50% over the next two fiscal years, to about Rs. 91,000 crore.
According to the newspaper’s citation of sources, Adani executives revealed their intentions to reduce the group’s leverage ratio from 4.2 times today to 3.1 times by the end of FY24 by expanding profits rather than concentrating on debt reduction.
Recently, Adani’s biggest investor said that he thought the company would make a lot of money soon.Rajiv Jain of GQG Partners Inc., who purchased about $2 billion in Adani Group shares last month, believes the company may yield a return in excess of 100%.
Rajiv Jain said in an interview at the New York offices of Bloomberg, “These could be multibaggers” over the next five years. The phrase comes from a book by Peter Lynch, a mutual fund manager, and it means an investment that has a chance to double.
Rajiv Jain’s Florida-based corporation has a global revenue of more than $900 billion. The purchase of shares in four Adani companies was the company’s most visible investment of the year. The action occurred when the Adani Group’s vast fortune of $153 billion was wiped away after US-based short seller Hindenburg accused the company of blatant stock manipulation.
According to the Hindenburg investigation, Adani was “pulling the largest con in corporate history.” According to Rajiv Jain, the study read like a “ten-year-old newspaper.”