Why Adani Group Stocks Are On The Moon Today

All listed Adani Group stocks were surging strongly in the green on Tuesday.

What Happened: The surge comes as the Supreme Court last week concluded hearings on multiple petitions seeking an investigation into allegations of accounting fraud and stock manipulation. The court, after reserving its verdict, emphasized that it cannot initiate a probe solely based on reports without giving the implicated entities an opportunity to present their case.

In response to the allegations made by the US short-seller Hindenburg against the Gautam Adani-led Group in January of the current year, the court stated that it does not consider the Hindenburg report as an absolute statement of truth.

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The bench, comprising justices JB Pardiwala, Manoj Misra, and others, highlighted that a statutory regulator like SEBI should not be expected to issue show-cause notices solely based on reports from entities like Hindenburg or news organizations.

The court’s proceedings seem to have impressed investors, as several group stocks including Adani Energy Solutions, Adani Total Gas, Adani Power, Adani Green Energy and NDTV were trading well above 10% at the time of writing.

Price Action: Here is how Adani Group stocks traded on Tuesday afternoon.

ACC Ltd shares traded 3.49% higher at ₹1,884.35.

Adani Energy Solution traded 18.07% higher at ₹861.00.

Adani Enterprises Ltd shares traded 10.84% higher at ₹2,472.15.

Adani Green Energy Ltd traded 14.63% higher at ₹1,074.50.

Adani Ports share price traded 6.44% higher at ₹847.70.

Adani Power’s share price traded 14.26% higher at ₹453.50.

Adani Total Gas share price traded 20.00% higher at ₹644.15.

Adani Wilmar shares traded 9.99% higher at ₹348.55.

Ambuja Cements Ltd traded 4.83% higher at ₹433.75.

New Delhi Television Ltd shares traded 11.65% higher at ₹229.45.

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Posted In: EquitiesNewsLegalMarketsMoversTrading IdeasACCAdani Energy Solutionsadani enterprisesAdani GreenAdani GroupAdani PortsAdani PowerAmbuja CementsNDTV