Adani Group stock prices rise after Supreme Court wraps up Adani-Hindenburg case hearings, and Sebi confirms no need for additional investigation time.
Adani Enterprises’ stocks rose by more than 4%, while Adani Total Gas experienced a significant surge of nearly 20% during morning trading on Tuesday.
Adani Group stocks showed significant increases during the initial trading session on the BSE on Tuesday, November 28. This came after the Supreme Court (SC) completed hearings on numerous pleas seeking an investigation into the Adani-Hindenburg issue. The Securities and Exchange Board of India (Sebi) assured the SC that it doesn’t require extra time to conclude its inquiry into the Adani Group, contributing to the positive market response.
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Adani Enterprises saw a rise of over 4%, while Adani Total Gas experienced a substantial surge of almost 20%. Adani Green Energy and Adani Power also observed increases of almost 8% and nearly 7% respectively, reaching a 52-week high for Adani Power at ₹423.15. Adani Wilmar shares went up by almost 6%, and Adani Ports recorded a rise of over 3%.
In addition, other companies within the Adani Group exhibited positive market movements, with NDTV share prices increasing by over 5%, Ambuja Cements by over 3%, and ACC by over 2%.
According to reports, the Securities and Exchange Board of India (Sebi) assured the Supreme Court that it does not require extra time to conclude its investigation into the Adani Group. Of the 24 cases related to the Hindenburg matter, 22 have already been resolved. The remaining aspects of the probe depend on data from foreign regulatory bodies.
The three-judge panel of the apex court, led by Chief Justice D. Chandrachud, has concluded hearings on various petitions seeking an inquiry into the Adani-Hindenburg matter. They have requested written submissions by Monday.
On January 24, Hindenburg Research, a US-based firm, released a report alleging that the Adani Group participated in fraudulent activities to artificially boost its stock prices. The group has strongly refuted these claims, providing a comprehensive rebuttal.
In the second quarter of the financial year 2023-24, seven out of the ten Adani Group companies recorded an increase in net profit. Ambuja Cements, the primary company in the Adani Group for cement and building materials, stood out as the best performer among the group entities. It experienced an impressive surge of 1,835 percent in its consolidated net profit, reaching ₹987 crore. This marked a significant improvement compared to the net profit of ₹51 crore in the same quarter of the preceding year.
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