Adani Enterprises share price rally continued on Tuesday as the stocks jumped more than 13% to hit an intraday high of Rs 2,759 per share. In the last 3 trading sessions, the stock has soared around 45% on account of clean chit from the Supreme Court-appointed Committee.
Last week on Friday, the Supreme Court appointed an expert committee, looking into regulatory failure by SEBI and alleged breach of laws by the Adani Group, said in its report that there was prima facie no evidence of stock price manipulation in Adani Group companies, while a separate probe by SEBI into alleged violation of money flows from offshore entities has “drawn a blank.”
In the previous session, Adani Enterprises jumped up to 19%. The shares of other firms like Adani Wilmar jumped 10%, Adani Ports rallied by 6%, its cement firm Ambuja Cements gained 5%, Adani Power climbed 5%, Adani Transmission also 5%, while Adani Green Energy and Adani Total Gas rose by 5%.
"The high integrity of the members of the panel must have given confidence to investors to buy the beaten-down stocks," said VK Vijayakumar, chief investment strategist, Geojit Financial Services, adding that some short-covering also would have contributed to the rally in Adani stocks.
Adani Group companies have added around Rs 82,000 crore in market capitalisation to cross the Rs 10 lakh crore m-cap mark for the first time after the allegations made by the short-seller Hindenburg Research report in January.
Leading investment bank Jefferies has assigned a ‘buy’ rating on two Adani Group companies Adani Ports and Adani Transmission after the Supreme Court-appointed panel almost gave ‘clean chit’ probing the allegation hurled by short seller Hindenburg’s controversial report.
Billionaire Rajiv Jain of GQG Partners has made a profit of around Rs 10,069 crore on his investment in four Adani Group companies in less than 100 days of his investment on March 2, 2023.
The sharp rally in Adani Group stocks has helped Rajiv Jain's GQG Partners make a solid 65.18% return in less than three months. In value terms, GQG Partners' Rs 15,446.35 crore investments on March 2 were worth Rs 25,515.50 crore in Tuesday's trade, up Rs 10,069 crore.
Earlier in April, Rajiv Jain made a grand prediction of doubling his nearly $2 billion bet on the embattled Gautam Adani-led conglomerate. “These could be multi-baggers over five years,” Rajiv Jain had said in an interview.
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