11 listed Adani Group firms ended higher on Friday

11 listed Adani Group firms ended higher on Friday

11 listed Adani Group firms ended higher on Friday

Shares of nine of the 11 listed Adani Group firms ended higher on Friday, with Adani Green Energy surging almost 22 per cent and Adani Energy climbing nearly 16 per cent. The stock of Adani Green Energy zoomed 21.72 per cent, Adani Energy Solutions surged 15.56 per cent, Ambuja Cements jumped 3.73 per cent, Adani Ports climbed 1.94 per cent, ACC went up 1.59 per cent, Adani Total Gas (1.03 per cent), Adani Enterprises (1.02 per cent), NDTV (0.60 per cent) and Adani Wilmar (0.05 per cent) on the BSE.

However, shares of Adani Power declined 1.01 per cent and Sanghi Industries dipped 0.45 per cent.

The BSE benchmark Sensex jumped 759.05 points, or 0.96 per cent, to settle at 79,802.79 and the NSE Nifty climbed 216.95 points, or 0.91 per cent, to 24,131.10.

Abu Dhabi’s International Holding Company (IHC), one of the largest sovereign funds that manages assets close to $100 billion, has reaffirmed its support to the Adani Group, saying its outlook on investments in the group remains unchanged despite the legal row in the US.

“Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors,” IHC, one of Adani group’s key foreign investors, said in a statement. “As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged.”

The IHC statement comes soon after the Adani group emphasised that its chairman and his aides have not been charged under the US Foreign Corrupt Practices Act.

The US Department of Justice’s (US DOJ) indictment filed in a New York Court last week does not mention Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar, or Vneet Jaain in any count related to conspiracy to violate the FCPA, AGEL had said in a filing to the stock exchange.

The Adani Group last week denied all allegations as baseless and said it would seek legal recourse to defend itself.

Meanwhile, other international partners have also expressed their continued support. The Sri Lanka Ports Authority has expressed its ongoing confidence in its partnership with Adani, as the Indian group plays a vital role in expanding the country’s port infrastructure.

The Tanzanian government has reaffirmed its commitment to its agreements with Adani Ports, as it feels that there are no concerns regarding the ongoing projects and that all contracts fully comply with Tanzanian law.

In May 2024, Tanzania and Adani Ports finalised a 30-year concession agreement to operate Container Terminal 2 at Dar es Salaam port.

Backing embattled Adani Group, rating agency CRISIL Ratings on Friday said the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex and that there has been no negative actions so far by lenders and investors following the US indictment of group founder-chairman.

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