Surge in Adani Group Stocks as Supreme Court Hearings Conclude

Surge in Adani Group Stocks as Supreme Court Hearings Conclude

VoM News Desk | November 28, 2023 | 12:51 PM IST | Breaking News | Tags: ACC, Adani Enterprises, Adani Green Energy, Adani Ports, Adani Power, Adani Total Gas, Adani Wilmar, Ambuja Cements, Bombay Stock Exchange, Business News, Corporate Finance, Hindenburg Research, Indian Economy, NDTV, Securities and Exchange Board of India, Stock Market, Supreme Court | Follow on Google News

Surge in Adani Group Stocks as Supreme Court Hearings Conclude

Surge in Adani Group Stocks as Supreme Court Hearings Conclude

The Adani Group experienced a significant boost in its stock performance on Tuesday, November 28. This surge in the stock market was primarily observed on the Bombay Stock Exchange (BSE) and was fueled by the recent developments in the Supreme Court (SC) regarding the Adani-Hindenburg controversy. The apex court concluded hearings on various petitions demanding an investigation into this matter. Concurrently, the Securities and Exchange Board of India (Sebi) has informed the SC of its progress in the ongoing investigation into the Adani Group, indicating no need for additional time to complete the probe.

Notable Gains Across Adani Group Companies

The impact of these developments was distinctly visible across various Adani Group stocks. Adani Enterprises, the flagship company, saw its shares jump by over 4%. However, the most remarkable growth was observed in Adani Total Gas, with its shares surging close to 20%. Other companies within the group also experienced significant increases: Adani Green Energy’s shares rose by nearly 8%, Adani Power hit a 52-week high with a near 7% increase, reaching ₹423.15, and Adani Wilmar’s shares went up by almost 6%. Additionally, Adani Ports saw its shares increase by over 3%.

Strong Performance and Future Prospects

The upward trajectory was not limited to the energy and infrastructure sectors. Media company NDTV, recently acquired by the Adani Group, saw its share price rise by over 5%, while shares of Ambuja Cements and ACC also climbed, registering increases of over 3% and 2%, respectively. This overall boost comes in the backdrop of Sebi’s recent communication to the Supreme Court, affirming the resolution of 22 out of 24 cases related to the Hindenburg report, with the remaining hinging on information from foreign regulatory bodies. Notably, seven of the ten listed Adani Group companies reported net profit growth in the second quarter of FY24, with Ambuja Cements leading with a dramatic 1,835% jump in consolidated net profit.

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