Shares of Adani Enterprises Ltd rose more than 9 per cent during the trading session on Wednesday as the Supreme court announced its verdict on a batch of petitions in the Adani-Hindenburg Research case. The flagship firm of the Adani Group saw a solid buying interest ahead of the verdict. In its verdict, the Supreme court of India rejected the reliance on OCCPR report and any third-party organisation, saying such reports without any verification cannot be relied upon as a proof. The SC said the market regulator has completed its probe into 22 out of 24 allegations and that it directed Sebi to complete the remaining two cases within three months. The apex court found no ground here to transfer the probe in this case and this can only be raised if there is willful or deliberate violation of the rules. Government and SEBI shall take into consideration the recommendations of the committee to strengthen interest of Indian investors, said the court. Ahead of the judgement, shares of Adani Enterprises surged about 9.14 per cent to Rs 3,199.45 on Wednesday, commanding a total market capitalization close to Rs 3.65 lakh crore. The stock had settled at Rs 3199.45 in the previous trading session on Tuesday. However, the stock saw some profit booking after the verdict by the Supreme Court.Shares of Adani Enterprises have rallied 215 per cent from its 52-week low at Rs 1,017 hit in February 3, 2023, following the damning Hindenburg's report, wherein the US-based short seller accused the Gautam Adani led conglomerate for financial malpractices and irregularities to balloon the share prices of the group companies. Vineet Bolinjkar, Head of Research at Ventura Securities, in an interaction with Business Today, brushed the allegations by the Hindenburg aside and suggested investors to hold Adani Stocks for long term and accumulate them on corrections. Shares of Adani Enterprises are still 18 per cent below its 52-week high at Rs 3,879, while about 20 per cent below its all-time high, scaled about a year ago. Technical analysts, reading the charts, suggest Adani Enterprises to further rise in the coming days after the SC verdict. Avdhut Bagkar Derivatives & Technical Analyst at StoxBox said that the shares of Adani Enterprise have broken out of the tide consolidation that occurred in the zone of Rs 3,000 to Rs 2,700 level, with aggressive volumes. In addition, the positive crossover of 50-simple moving average (SMA) and the 100-SMA has ignited a bullish uptrend, he said. "While the price action has entered the overbought category of RSI, the underlying momentum continues to gain robust strength. The stock is headed towards Rs 3,400, holding the support of Rs 2,900 and Rs 2,800 levels. Stability over Rs 3,100 shall spur more impetus to the stock," he said.
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