 "These 3 Adani Group stocks have zoomed up to 54% in just 3 days")
Shares of Adani Group companies continued their recovery mode, zooming up to 54 per cent in the past three trading days after the group company Adani Green Energy clarified Wednesday that allegations against Gautam Adani, Sagar Adani, and senior executive Vneet Jaain under the US Foreign Corrupt Practices Act (FCPA) by the US Department of Justice (DoJ) were “incorrect.” However, the company acknowledged that the executives face three other charges, including securities and wire fraud, in the indictment.
Shares of Adani Green Energy, Adani Energy Solutions and Adani Total Gas have rallied up to 22 per cent on the National Stock Exchange (NSE) in Friday’s intra-day trade. Including these three stocks, a total of 45 stocks were introduced in the futures & options (F&O) segment today. Equities with F&O contracts don't have fixed circuit limits for the day.
Among individual stocks, Adani Green Energy has surged 23 per cent to Rs 1,337.20 on the NSE at 02:35 pm. The stock has bounced back 54 per cent from its 52-week low of Rs 870.25 touched on Wednesday, November 27. The counter has seen huge trading volumes with a combined nearly 23 million equity shares changing hands on the NSE and BSE.
Shares of Adani Energy Solutions moved higher by 20 per cent to Rs 896.75 in intra-day trades. The stock has recovered 48 per cent from its 52-week low of Rs 588 touched on Wednesday. A combined 28.4 million shares changed hands on the NSE and BSE.
Further, shares of Adani Total Gas surged 7 per cent to Rs 862, bouncing back 51 per cent from its Wednesday’s low of Rs 572.55 on the NSE. The stock has zoomed 58 per cent from its 52-week low of Rs 545.75 hit on November 21.
The sentiment at Adani group counters was also boosted after Abu Dhabi-based International Holding Company (IHC), one of the largest sovereign funds that manage assets close to $100 billion, reaffirmed its support to the Adani Group, in the backdrop of US SEC levied charges.
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Further, Japan's biggest banks too planned to maintain ties to billionaire Gautam Adani despite the US bribery charges, even as other global firms including Barclays Plc were said to be reassessing their exposure to the Indian conglomerate.
Backing embattled Adani Group, rating agency CRISIL Ratings on Friday said the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex and that there has been no negative actions so far by lenders and investors following the US indictment of group founder chairman, the PTI reported. CLICK HERE FOR FULL REPORT