Produced by: Tarun Mishra Designed by: Mohsin Shaikh
Adani Group stocks witnessed a substantial surge following a Bloomberg report on Tuesday, December 5, revealing that the US government found Hindenburg Research's allegations of corporate fraud against Gautam Adani irrelevant before approving a loan of up to $553 million for a container terminal in Sri Lanka
The Supreme Court reserved its verdict on the probe into Hindenburg's allegations on November 24, stating it won't consider media reports against the Adani Group as gospel truth, contributing to the positive market sentiment
Adani group stocks started rallying on Monday, amid hopes that the BJP government may win the third term in the general elections due next year, after winning three crucial states in the assembly elections on Sunday. The Supreme Court's remarks, election results combined with US approval of loan, all three were perceived as positive signs by the market
In just last four days, Adani Group stocks have soared, with Adani Green leading with a 31% increase, followed by Adani Energy Solutions at 27%, and Adani Enterprises and Adani Total Gas both rallying 25%
The strong gains propelled the overall market capitalisation of the Adani Group to nearly Rs 13 lakh crore, marking an increase of about Rs 1.92 lakh crore in a single session, as per Capitalmarket data
On December 5, Adani Enterprises surged as much as 18.4% in intraday deals, closing 17% higher at Rs 2,960.10. Adani Power also rallied 17.4%, ending at Rs 538.50
Adani Ports advanced over 16.5% in intraday deals to Rs 1,023.90, settling 15.15% higher at Rs 1,011.85, contributing to the overall positive sentiment for Adani Group stocks
Adani Green also announced $1.36 billion in follow-on funding, enhancing its funding pool to $3 billion. The green loan facility aims to develop the world's largest renewable energy park at Khavda in Gujarat
Adani Green Energy in a regulatory filling stated that the funding marks a significant achievement toward developing 2,167 MW at Khavda, the initial stage of the world's largest renewable energy park, playing a crucial role in India's net-zero journey
The Adani Group faced accusations from Hindenburg Research on January 24, leading to a loss of more than Rs 17.8 lakh crore in market value. The group's recovery was aided by investments from GQG Partners and Qatar Investment Authority, along with a $3.5 billion refinancing loan that boosted investor confidence