Big Gain For Adani Group Stocks As DFC Terming Hindenburg Research Allegations To Be Irrelevant

Adani Group shares continued its upward momentum on the back of US International Development Finance Corp.”s (DFC”s) clean chit, terming the accusations by Hindenburg Research against the conglomerate to be irrelevant. DFC undertook a thorough investigation on the matter before providing Adani Group with a $553 million loan for their terminal project in Sri Lanka, Bloomberg reported.

This facilitated a rally in Adani Group stocks, with Adani Total Gas rising 20% today to reach Rs. 1053.30. Market cap of Adani Total Gas has surpassed Rs. 1 lakh crore.

Adani Green Energy shares jumped nearly 16 percent to Rs 1,563.45 due to an additional $1.36 billion in funding through a debt facility. The stock had risen 20% on Tuesday. Adani Green Energy stock surged 70 percent in a month.

Adani Ports shares hit a record high for the second consecutive session today. The stock has made a threefold jump from its low of Rs. 392, which was recorded in January 2023 when US short-seller Hindenburg Research accused Adani Group of perpetrating stock manipulation and account irregularities.

Global brokerage City has maintained a “buy” call on Adani Ports stock with a target price of Rs. 1213. At close, the stock was trading at Rs. 1,017.95. However, Adani Group”s flagship company, Adani Enterprises, suffered a hit back with a drop of 2.55%. Stock closed at Rs. 2883.95 despite having increased 175 percent from its 52-week low earlier this year.

Adani Energy Solutions Ltd”s share price hit Rs. 1163 today with an increase of 7.25 percent, while Adani Wilmar rose 4.11% to reach Rs. 396.35.

Adani Group subsidiaries such as Ambuja Cements and ACC Cement were down 1.25% and 2.51%, respectively. NDTV has risen 7.22% to Rs. 285.90, and the stock saw a cumulative increase of 55 percent in the last month.