Adani Group enters the exclusive circle of more than $ 100 billion market cap businesses

As the share prices of Gautam Adani-run companies reached all time high, the company stormed past several titans of Indian business, the Adani group became the third Indian conglomerate to cross $100 billion in market value, on Tuesday.

According to BSE records, the combined market cap of the six listed Adani Group companies was over $107 billion on Tuesday. Only two other Indian conglomerates have reached this milestone: Tata group at $242 billion and Mukesh Ambani's Reliance Industries Ltd at $190 billion.

The multinational conglomerate was founded by Gautam Adani in 1988 as a commodity trading business. The group has expanded tremendously over the years with expansion in sectors such as aerospace, energy, logistics, defence, real estate, logistics among many others.

The group has over the past two years taken over seven airports; it also has a 30% share of the country's port industry.

Adani Enterprises closed at Rs 1225.55 on the BSE, while Adani Total Gas’s closing price was Rs 1204.35. Adani Power’s closing trading price was set at Rs 98.40 and Adani Ports closed at a highest price of Rs 837.45. Other Adani listed companies such as Adani Transmission closed at Rs 1109.90 while Adani Green Energy’s trading close price was Rs 1194.55, according to BSE data on Tuesday.

Ajit Mishra of Religare Broking said of the spike in Adani group share prices, “Adani group stocks have had a strong run over the last year, mainly due to strong traction in renewables and large order wins. However, considering the sharp run-up, the valuations look stretched now. We would thus recommend waiting for a correction before making any fresh investment.”