After witnessing the biggest market cap rise since Hindenburg in the previous session (November 28), shares of Adani Group shares continued their upward momentum in today’s (November 29) deals as well.
The increase comes after the Supreme Court reserved its order on multiple public interest pleas for an inquiry into the allegations of manipulations and corporate wrongdoing in the Adani-Hinderburg report. On 24 January, Hindenburg Research in the US published a report accusing the Adani Group of engaging in fraudulent activities to artificially inflate its share prices. The Group vehemently denied these allegations with a detailed rebuttal.
The Apex Court concluded hearings on these petitions on Friday, November 24, but the stock reaction was witnessed from Tuesday, November 28, as markets were closed on Monday (November 27) due to Guru Nanak Jayanti.
Sebi on Friday has informed the Supreme Court that it does not need more time to complete its investigation into the Adani Group, with 22 of the 24 cases linked to the Hindenburg affair already resolved. The remaining aspects of the investigation rely on data from foreign regulatory bodies. Of the 24 cases related to the Hindenburg affair, 22 have already been resolved by SEBI, and the remaining aspects of the investigation depend on data from foreign regulatory bodies.
The three-judge panel of the apex court was headed by Chief Justice D Chandrachud.
Among the stocks, Adani Total Gas witnessed the biggest increase in intra-day deals today, rising 18 percent to ₹760. The stock ended at its 20 percent upper circuit in the previous session. In just 2 sessions, it advanced more than 41 percent.
It was followed by Adani Energy Solutions, which jumped 10 percent to its intraday high of ₹954.85. It also gathered 18.65 percent in the previous session.
Meanwhile, Adani Wilmar gained almost 7 percent to ₹372, Adani Green Energy also added as much 6.6 percent to ₹1,122.90, Adani Power advanced 5.6 percent to ₹470.90 while Adani Ports and Adani Enterprises rose 2 percent each in intraday deals today. These 5 stocks also rose between 5-12.5 percent in the previous session.
However, despite the recent gains, it should be noted that all Adani Group shares are still far from their record high levels hit in December 2022, before the Hindenburg report was published.
Meanwhile, 7 of the 10 listed Adani Group companies reported net profit growth in Q2FY24. Ambuja Cements, the flagship cement and construction material company of the Adani Group, has emerged as the top performer among group companies, achieving a stellar 1,835 percent jump in its consolidated net profit, achieving. ₹987 crore as compared to a net profit of ₹51 crore in the corresponding quarter of the previous year.
Milestone Warning!Livemint tops charts as the fastest growing news site in the world 🌏 Click here to know more
Catch all Business News, Market News, News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More or less
Updated: 29 Nov 2023, 10:31 IST