Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), ACC, Ambuja Cements, and Adani Green Energy, too, rallied in the range of 2 per cent to 7 per cent
In past seven trading days, the total market capitalisation (market-cap) of 10 Adani group companies has eroded by nearly Rs 10 trillion or 52 per cent to Rs 9.27 trillion in Friday's intra-day trades
Given the unprecedented situation and the current market volatility, Adani Enterprises has cancelled its Rs 20,000 crore follow-on-offer (FPO)
Shares of Adani Total Gas were locked in the lower circuit for the fourth straight day, down 10 per cent at Rs 1,901.65 on Wednesday.
Adani Ports and Special Economic Zone (Rs 658.45) and Ambuja Cements (Rs 419.25), too, were locked in their respective 10 per cent upper circuits
Adani Enterprises, Adani Ports, ACC and Ambuja Cements witnessed significant build-up of OI in tandem with a fall in stock price so far this week, indicating build-up of shorts at these counters.
UltraTech Cement said that rising government spending, recovery in the rural economy on a pickup in farm incomes and pre-sales of housing real estate should also help the industry recover.
Some of the biggest Adani group backers from the Gulf are likely to be among the largest buyers of the Adani Enterprises' FPO, which is expected to be launched later this month.
Adani Enterprises, the flagship company of Adani Group, was up 3% to Rs 4,057.35 on the BSE in intra-day deal,. It was trading close to its record high level of Rs 4,098.10 touched on November 16
Adani currently holds 63.15 per cent stake in Ambuja Cement and 56.69 per cent in ACC
Analysts expect cement stocks to witness catch up activity after months of underperformance as many negatives seem to be priced-in
After the release, the total promoter holding pledged with lenders now stands at 2.16 per cent from 52.21 per cent earlier
The industry's combined quarterly earnings in Q2FY23 were the lowest since July-September 2013
With aggressive expansion strategy, and focus on cost efficiencies, analysts at ICICI Securities expect healthy revenue growth in CY21-23E despite high base
Except Ambuja Cements, Ultratech Cement, Ramco Cements, and India Cements need to surpass crucial key levels to lead to a rally ahead
Analysts expect industry margin to bottom out in Q2, with peaking of cost, higher exit of cement prices, and pick-up in construction activity in coming quarters
On a sequential basis too, the company's profit tanked 94 per cent from Rs 865 crore earned in the April-June period
Ambuja Cement, now a part of Adani Cement, has issued the warrants at a price band of Rs 418.87