Why Adani Enterprises Shares Are Up 6% Today

Adani Group‘s flagship company Adani Enterprises continued its surge in the green on Wednesday as the company informed being named the ‘preferred bidder’ for Bauxite Block in Odisha.

What Happened: The company on Tuesday informed that its wholly-owned subsidiary Mundra Aluminium Limited has been declared as the ‘preferred bidder’ for Odisha’s Kutrumali Bauxite Block. In a regulatory filing, the company said that it has also been issued a Letter of Intent ("LOI") dated 27th February 2023 by the state government. Located in the Kalahandi/Rayagada districts of Odisha the block has a total geographical resource of 128 million tonnes.

See Also: Adani Group Intends To Repay Up To $790 Million Share-Backed Loans By March: Report

The filing follows media reports stating that SEBI, the country’s financial markets regulator, is looking into allegations made by Hindenburg Research but is yet to find any irregularities. A Bloomberg report cited sources familiar with the matter that SEBI is looking into the allegations made by both sides. However, the source also added that it should not be construed as a formal investigation.

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Price Action: Adani Enterprises jumped 6.09% to ₹1,446.65 at market open on Wednesday.

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Posted In: adani enterprisesAdani GroupGautam AdaniHindenburg ResearchSEBI