Adani utility firm eclipses India giants in value with a rise of 125%

Adani Transmission Ltd. has blown past entrenched corporate giants to become India’s 10th-largest listed firm by market value as part of a broader runaway rally in Adani Group stocks.

Shares of the New Delhi-based power utility have climbed almost 125% this year, boosting its market capitalization to 4.4 trillion rupees ($55.2 billion) in Mumbai on Friday. Its valuation surpassed Life Insurance Corp. of India — the country’s largest insurer — and cigarettes-to-cookies maker ITC Ltd.

Market value of Adani Transmission now beats India’s LIC, Bharti, ITC