Adani group stocks zoom ahead on twin-engines
- A US-agency found Hindenburg Research’s allegations on Adani Group ‘irrelevant’ while conducting due diligence for a loan.
- All the five top gainers on BSE were Adani group stocks like Adani Enterprises, Adani Green, Adani Total Gas, NDTV and Adani Enterprises.
- In Nifty50, its flagship company Adani Enterprises and Adani Ports & SEZ were the two top gainers.
AdvertisementAdani group stocks have been on fire for the last couple of trading sessions as back-to-back good news charged up all its ten stocks. A day after the national ruling party BJP secured a thumping victory in three states, a US-agency found Hindenburg Research’s allegations of stock manipulation and accounting fraud by the group ‘irrelevant’, according to a Bloomberg report.
The observation was made by International Development Finance Corp (DFC) as it was conducting due diligence before extending a loan to a group company to set-up a container terminal in Sri Lanka.
As expected, Adani stocks charged ahead on these twin engines. The group’s market capitalisation crossed ₹13 lakh crore on Tuesday, as it added around ₹1.6 lakh crore in value.
Three of its stocks — Adani Power, Adani Energy and Adani Total Gas hit upper circuit in Tuesday’s trade, as per Zerodha.
In fact, all the five top gainers on BSE were group stocks like Adani Enterprises, Adani Green, Adani Total Gas, NDTV and Adani Enterprises. Even in Nifty50, its flagship company Adani Enterprises and Adani Ports & SEZ were the two top gainers. The combined market cap of group companies crossed ₹13 lakh crore in today’s trade.
The broader markets too have been rallying for the last two trading sessions – after BJP securing the mandate in three states.
“Markets scaled fresh record highs on the back of impressive gains led by power, oil & gas and banking stocks, as investors continue to bet big on India growth story with fresh election victory for the ruling party in recent state elections further aiding the sentiment.Helping investors' sentiments were hopes that the US Federal Reserve will initiate rate cuts in the coming year,” said Prashanth Tapse, senior VP of research at Mehta Equities.
|Adani Energy Solutions
|Adani Ports & SEZ
|Adani Total Gas
Adani Green secures $1.36 billion funding
Adani Green Energy also announced on Tuesday that it has received follow-on funding of $1.36 billion from a consortium of renowned international banks. The green loan facility will play a pivotal role in enabling the development of its renewable energy park at Khavda in Gujarat.
AdvertisementIts lenders include – BNP Paribas, Coöperatieve Rabobank U.A, DBS Bank Ltd, Intesa Sanpaolo, MUFG Bank , Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
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