Billionaire 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.
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.