Adani Enterprises, Adani Ports: Adani Group shares rise ahead of SC hearing

Shares of Adani Group were trading mostly higher during the early trading session Tuesday ahead of the hearing in Supreme court after the submission of Sebi's investigation in the market. The apex Court of the country is scheduled to hear the Adani-Hindenburg matter later today.

The Supreme Court had directed Sebi to submit its status report on the investigation into the allegations made by the US-based short-seller Hindenburg Research in its January report wherein it accused the Adani Group of stock manipulation, fraudulent transactions and other financial misdeeds. However, the Gautam Adani-led conglomerate denied all wrongdoings.

Shares of Adani Enterprises, the flagship company of Adani Group, gained about 2 per cent to Rs 2,509.15 on Tuesday, commanding a total market capitalization of more than Rs 2.85 lakh crore. Adani Ports and Special Economic Zone, another blue-chip from the conglomerate, gained more than a per cent to Rs 815.40 apiece with a total marketcap of more than Rs 1.75 lakh crore.

Adani Power jumped more than 2 per cent to Rs 329.35 per share, while Adani Energy Solutions (formerly known as Adani Transmission) gained more than a per cent to Rs 874. Adani Total Gas also gained over a per cent to Rs 663 during the initial few minutes of the session.

Adani Wilmar and Adani Green Energy also inched maringally higher at the opening tick. Acquired entities including Ambuja Cement and ACC, advanced up to a per cent, while another acquisition from the media space, New Delhi Television (NDTV) added about 2 per cent early in the session.

Sebi was required to submit its investigation report on the Hindenburg allegations by August 14. However, the capital markets regulator sought a 15-day extension and submitted its status report on Friday, August 25. However, the contents of the Sebi's report are not public.

In his address to the shareholders, Gautam Adani highlights the recent release of the expert committee's report, appointed by the Supreme Court. Drawing from this report, Gautam Adani asserts that the expert committee found no regulatory failure on the part of the Adani Group.

In January this year, US-based short-seller Hindenburg released its research report on the Adani Group. The report claimed to be based on research spanning over two years, and alleged that Adani Enterprises and other group companies were engaged in stock manipulation and accounting fraud over the course of decades.

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