Adani Enterprises shares rally 8%; Adani Green, Adani Power, 4 other Adani group stocks hit 5% upper circuit limits. Here's why

Shares of Adani Enterprises jumped 8 per cent in Monday's trade while at least six Adani group shares hit their 5 per cent upper circuit limits, as the group shares continued to recover from recent lows.

Adani group stocks recovered amid reports Adani Group will hold fixed-income road shows this month in London, Dubai, and several cities in the United States, as the conglomerate tries to boost investor confidence after it took a beating due to US short-seller Hindenburg Research's scathing report. Adani group stocks also recovered after LIC team met up with the Adani Group's top management and post the meeting it is more confident of the group's business prospects.

Shares of Adani Enterprises Ltd jumped 9.77 per cent to Rs 2,063 on BSE. Adani Power shares hit its 5 per cent upper circuit limit at Rs 177.90. Adani Transmission hit its upper circuit limit at Rs 780.90. Adani Green also hit its 5 per cent upper circuit limit at Rs 590.10. Adani Total Gas also climbed 5 per cent to Rs 820.90. Adani Wilmar hit its 5 per cent upper circuit limit at Rs 439.20; NDTV also hit its upper circuit limit at Rs 231.10.

Adani Ports was up 4.32 per cent at Rs 713.90. Adani Ports Ltd and Adani Transmission Ltd gained even as rating agency ICRA revised its outlook on two Adani group stocks to 'negative' from 'stable' due to "deterioration in the Group’s financial flexibility". ICRA downgraded Adani Total Gas and Adani Ports "following a sharp decline in share prices and an increase in the yield of international bonds raised by the Adani group entities".

Ambuja Cements Ltd (up 2.33 per cent) and ACC (up 0.96 per cent)also gained.

Business Today reported that LIC officials met with the top management of Adani group and were happy with the outcome of the meeting. LIC chairperson MR Kumar said this on Sunday while addressing the media at  22nd Global Conference of Actuaries in New Delhi.

“I can only confirm that the conversation has happened to the department. But there's nothing you can state as of now. But yeah, we've had a meeting…and we are quite happy about this meeting,” said Kumar.

Last month at the earnings conference Kumar said that the LIC management would soon get in touch with the top management of the Adani Group and seek clarification amid high volatility in Adani shares.