jhunjhunwala: Market movers: Adani Green hits m-cap of Rs 3 lakh cr, now more valuable than ITC, Titan

The company’s stock hit another milestone on Tuesday, touching a market cap of Rs 3 lakh crore as the share price rose to a high of Rs 1,919. Eventually, the stock ended up 4.31 per cent at Rs 1,906.80.

The stock is a favourite of investors, though there are not many analysts tracking the counter as the reason behind its meteoric rise has been an enigma. Ventura Securities came out with a rare coverage last month, with a ‘BUY’ rating and two-year target price at Rs 2,810.

Adani Green Energy is now more valuable than the likes of Bajaj Finserv, Avenue Supermarts, Larsen & Toubro, ITC, Maruti Suzuki and Titan Company.

RJ Impact

Buying and selling by Rakesh Jhunhunwala usually results in stock reaction. It was evident in Jubilant Ingrevia’s over 3 per cent drop in share prices. Ace investor Rakesh Jhunjhunwala sold 1.3 million shares in Jubilant Ingrevia, bringing down his stake in the company by 0.81 per cent, according to the December quarter shareholding pattern.

Jhunjhunwala sold shares worth Rs 79.44 crore. He now holds 50 lakh shares or a 3.14 percent stake in the firm. The recently-listed stock has no analyst coverage. It has delivered negative 22 per cent returns in the last three months.

Trident’s dive

When the market is falling, even a strong set of growth numbers cannot do much for some stocks. Textile company

reported strong growth in its December quarter numbers with consolidated net profits almost doubling year-on-year.

The stock hit 5 per cent lower circuit following publishing these numbers. The selling came following heavy buying in the last three months, rising 64 per cent, along with other textile stocks.

The stock has long surpassed 12-month targets given by analysts. The targets are 30-40 per cent lower than current prices.