Adani Enterprises Shoots Up 12% As Group Stocks Rally After World Leaders Come Out In Support

Shares of all 10 Adani Group companies started the fresh week in green with six of the stocks hitting upper circuits as markets opened for business on Monday.

What Happened: The battered group’s stock which had been reeling at the markets since the Hindenburg report came out had a great last week.

The group’s flagship company Adani Enterprises’ shares have skyrocketed over 88% in the last five sessions. Several other group stocks including Adani Green, Adani Transmission, and Adani Power have seen double-figure surges in the last five sessions.

The latest surge comes as GQG Partners and Goldman Sachs funds pumped ₹19,500 crore in the group. Adani Enterprises also announced bagging two mining contracts last week. The group also received support from ex-Australian Prime Minister Tony Abbott who dismissed the Hindenburg allegations and said that he was grateful for the faith the group showed in Australia.

In an interview with NDTV, Abbott said he was thankful as the group created jobs and wealth in Australia with its billion-dollar investments in the country.

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

Srilankan Foreign Minister Ali Sabry also reiterated this sentiment as he said that the country is ‘very, very confident’ that the group will be able to fulfil all its projects in the country. In an interview with The Hindu, he said that dealings with the Adani Group were seen as a ‘government-to-government deal’ by the debt-ridden country.

Back at home, LIC Chairman MR Kumar met with the Adani Group’s top management and said that the insurance giant was happy about the meeting. Earlier last month, Kumar had tried to dispel fears about the company’s exposure in the Adani Group stating that ‘there is nothing to worry about’.

Price Action: This is how the Adani Group stocks traded in the early hours of trading on Friday.

Adani Enterprises shares traded 11.62% higher at ₹2,097.70.

Adani Green Energy was up 5% to hit upper circuit at ₹590.10.

Adani Ports & SEZ was up 3.03% to trade at ₹705.10.

Adani Power shares jumped 5% to hit upper circuit at ₹177.90.

Adani Total Gas shares jumped 5% higher to ₹820.90.

Adani Wilmar was up 5% to trade at ₹439.20.

Adani Transmission shot up 5% to hit upper circuit at ₹780.90.

Ambuja Cement shares traded 0.57% higher at ₹394.25. ACC shares were down 0.42% at ₹1,886.05.

NDTV was up 5% to trade at ₹231.10.

Read next: Gautam Adani Reacts As Supreme Court Forms Panel To Probe Hindenburg Allegations: ‘Truth Will Prevail'

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Posted In: adani enterprisesAdani GreenAdani GroupGautam AdaniGoldman Sachs Assets ManagementLICSri LankaTony Abbott