Updated January 4th, 2024 at 12:34 IST
Here’s why Adani Group stocks will be in focus today
Adani Group stocks surged over 4 per cent on Wednesday, gaining nearly Rs 64,000 crore, to cross Rs 15 trillion market capitalisation.
Adani stocks in focus: Adani Group stocks will remain in focus on Thursday following the Supreme Court's decision to refrain from intervening in the Securities and Exchange Board of India (SEBI) probe related to the Adani-Hindenburg case.
As of 9:45 am, Adani Enterprises shares were trading marginally higher at Rs 3,008.05, Adani Ports saw a more than 1 per cent increase at Rs 1,109.75 per share, and Adani Energy and Adani Wilmar were up over 0.50 per cent at Rs 1,690 and Rs 1,190 per share, respectively.
However, Adani Green faced slight pressure, with the stock down over 0.50 per cent at Rs 1,690 per share.
Chief Justice of India DY Chandrachud expressed dissatisfaction with the allegations against SEBI concerning its investigation into the Adani-Hindenburg issue. The bench stressed that third-party reports should not be considered conclusive proof, and there is no evidence of a conflict of interest.
Furthermore, SEBI has been directed to conclude investigations in two pending cases within three months, with 22 out of 24 investigations already completed.
After the judgement, Adani Group Chairman, Gautam Adani, via twitter, said, “The Hon'ble Supreme Court's judgement shows that: Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue. Jai Hind.”
Adani Group stocks surged over 4 per cent on Wednesday, gaining nearly Rs 64,000 crore, to cross Rs 15 trillion market capitalisation, driven by the buoyed sentiments after the Supreme Court rejected key demands of petitioners in the ongoing SEBI investigation. The market capitalisation of Adani Group went up from Rs 14.47 lakh crore on Tuesday to Rs 15.1 lakh crore.
Earlier this week, Adani Ports announced that its board has approved fundraising worth Rs 5,000 crore via bonds.
During the same period, the company reported handling around 109 million metric tonnes (mmt) of overall cargo in the third quarter, contributing to a total of 311 mmt in the initial nine months of FY24, marking a 23 per cent YoY growth. Adani Ports is targetting over 400 mmt of cargo volumes in FY24, surpassing the upper end of the guidance range provided at the start of the financial year.
Published January 4th, 2024 at 10:13 IST