Another day of gains! Adani Group stocks jump up to 18% as SC reserves order in Hindenburg case | Mint
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Business News/ Markets / Stock Markets/  Another day of gains! Adani Group stocks jump up to 18% as SC reserves order in Hindenburg case
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Another day of gains! Adani Group stocks jump up to 18% as SC reserves order in Hindenburg case

After witnessing the biggest market cap rise since Hindenburg in the previous session (November 28), the Adani Group stocks continued their upward momentum in today's (November 29) deals as well.

After witnessing the biggest market cap rise since Hindenburg in the previous session (November 28), the Adani Group stocks continued their upward momentum in today's (November 29) deals as well. (Bloomberg)Premium
After witnessing the biggest market cap rise since Hindenburg in the previous session (November 28), the Adani Group stocks continued their upward momentum in today's (November 29) deals as well. (Bloomberg)

After witnessing the biggest market cap rise since Hindenburg in the previous session (November 28), the Adani Group stocks continued their upward momentum in today's (November 29) deals as well.

The rise comes after the Supreme Court reserved its order on multiple public interest litigation pleadings for an investigation into the allegations of manipulations and corporate malfeasance in the Hindenburg report. 

On 24th January, US-based Hindenburg Research published a report accusing the Adani Group of engaging in fraudulent activities to artificially inflate its stock prices. The Group has strenuously 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 starting Tuesday, November 28, as markets were closed on Monday (November 27) on account of Guru Nanak Jayanti.

Sebi on Friday had informed the Supreme Court that it does not need additional time to complete its investigation into the Adani Group, with 22 of the 24 cases related to the Hindenburg matter already resolved. The probe's remaining aspects hinge on data from foreign regulatory bodies.

The apex court's three-judge panel was led by Chief Justice D Chandrachud.

Among the stocks, Adani Total Gas witnessed the biggest surge in intra-day deals today, rising 18 percent to 760. The stock ended at its 20 percent upper circuit in the previous session. Just in 2 sessions, it has advanced over 41 percent.

It was followed by Adani Energy Solutions, which jumped 10 percent to its intra-day high of 954.85. It also rallied 18.65 percent in the previous session.

Meanwhile, Adani Wilmar gained almost 7 percent to 372, Adani Green Energy added as much as 6.6 percent to 1,122.90, Adani Power advanced 5.6 percent to 470.90 whereas Adani Ports and Adani Enterprises were up 2 percent each in intra-day deals today. These 5 stocks also rose between 5 percent and 12.5 percent in the previous session.

However, despite the recent gains, one must note, that all Adani Group stocks are still far away from their record high levels hit in December 2022, before the Hindenburg report was released.

Meanwhile, 7 of the 10 listed Adani Group companies reported net profit growth in Q2FY24. Ambuja Cements, the cement and building material flagship company of the Adani Group, emerged as the top performer among group companies, achieving a stellar 1,835 percent jump in its consolidated net profit, reaching 987 crore as compared to a net profit of 51 crore in the corresponding quarter of the previous year.

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Published: 29 Nov 2023, 10:31 AM IST
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