Thanks to robust gains in Adani Group stocks, the collective market capitalisation (m-cap) of Adani Group stocks surged by over a lakh crore in a single session on Tuesday, November 28, marking the first instance of such substantial growth since the Hindenburg episode back in January this year.
Data from Capitalmarket showed that the cumulative m-cap of Adani Group stocks rose to nearly ₹11.31 lakh crore on Tuesday from nearly ₹10.27 lakh crore in the previous session, marking a rise of about ₹1.04 lakh crore in a single session.
Adani Group stocks witnessed strong gains on Tuesday, November 28, as the Supreme Court (SC) concluded hearings on several petitions demanding an inquiry into the Adani-Hindenburg matter and the Securities and Exchange Board of India (Sebi) informed the SC that it does not need additional time to complete its investigation into the Adani Group.
Shares of flagship firm Adani Enterprises jumped 8.66 per cent.
However, shares of Adani Total Gas clocked the heftiest gain, surging 20 per cent. Shares of Adani Power surged 12.32 per cent while those of Adani Green Energy jumped 12.27 per cent. Shares of Adani Wilmar rose 9.96 per cent, andAdani Ports shares rose 5.20 per cent.
Among other Adani Group companies, NDTV share price rose 11.73 per cent, Ambuja Cements share price climbed 4.22 per cent and ACC share price rose 2.62 per cent.
As Mint reported earlier, Sebi on Friday informed the Supreme Court that it does not need additional time to complete its investigation into the Adani Group, with 22 of the 24 cases related to the Hindenburg matter already resolved. The probe’s remaining aspects hinge on data from foreign regulatory bodies.
The apex court’s three-judge panel, led by Chief Justice D. Chandrachud, has concluded hearings on several petitions demanding an inquiry into the Adani-Hindenburg matter and asked for written submissions by Monday.
Read more: Not seeking extension to finish probe into Adani-Hindenburg matter: Sebi to SC
On 24 January, US-based Hindenburg Research published a report accusing the Adani Group of engaging in fraudulent activities to artificially inflate its stock prices. The Group has strenuously denied these allegations with a detailed rebuttal.
Also Read: Adani Group denies link to Uttarkashi tunnel collapse, dubs it ‘nefarious attempt to…’
Meanwhile, 7 of the 10 listed Adani Group companies reported net profit growth in Q2FY24. Ambuja Cements, the cement and building material flagship company of the Adani Group, emerged as the top performer among group companies, achieving a stellar 1,835 per cent jump in its consolidated net profit, reaching ₹987 crore as compared to a net profit of ₹51 crore in the corresponding quarter of the previous year.
Also Read: 7 of 10 Adani Group companies reported net profit growth in Q2; check full list
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Updated: 28 Nov 2023, 04:38 PM IST
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