7 Adani Group Stocks Soar

New Delhi: Shares of seven Adani Group firms ended in the green on Tuesday, with Adani Ports surging six per cent, emerging as the biggest gainer among the Sensex and Nifty firms. The stock of Adani Ports surged 6.02 per cent, Ambuja Cements soared 5.15 per cent, ACC (2.56%), Adani Enterprises (2.33%), Sanghi Industries (2.09%), Adani Wilmar (1.19%) and NDTV (0.45%) on the BSE. However, shares of Adani Green Energy went lower by 1.17 per cent, Adani Power dipped 0.87 per cent, Adani Total Gas (0.83%) and Adani Energy Solutions (0.60%). The BSE benchmark Sensex jumped 597.67 points or 0.74 per cent to settle at 80,845.75 and the NSE Nifty went up by 181.10 points or 0.75 per cent to 24,457.15.

Ports-to-energy Adani Group is better off financially now than at the time when it was under attack from short-seller Hindenburg, US-based research firm Bernstein said citing dramatic drop in shares pledged by promoters and low leverage. The last big event for the group was in January 2023 when Hindenburg accused it of accounting and financial fraud, and the latest one happened on November 21 when US authorities filed an indictment against the founder chairman of the conglomerate Gautam Adani and key aides in a bribery related case.

Adani Group had repeatedly denied all charges in the Hindenburg report as well as the ones brought by the US authorities last month. Bernstein in a report said it is presenting a top-down view on how the group's leverage, share-pledges, debt-repayment and relative valuations have evolved in the last two years to assess whether the risks are lower than earlier. The group is now in a much stronger position with no share-pledges, low leverage, debt repayments and improved valuations.