Adani Stocks Rocket Upto 15% As Markets Cheer Exit Poll Predictions
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Adani Group companies continued their rise on Monday as the conglomerate improved its operating income and decreased its debt as the company recovered from the lows after short seller Hindenburg's report came out. 

What Happened: The stocks are surging today as the broader market is showing strength today after a volatile period in May. The markets have been rocketing as exit polls predict a thundering return of the incumbent government. Both benchmark indices Nifty and Sensex hit all-time highs today.

Jefferies in its note on the conglomerate release last week said that Adani group companies saw an EBITDA growth of 40% in FY24 well above its 5-year CAGR of 27% and improved their leverage after Hindenburg's report. The conglomerate's net debt slightly fell to ₹2.2 lakh crore in FY24 from ₹2.3 lakh crore.  

See Also: Tata Motors Sales Up 2%, EV Numbers Went Down 4%

In January 2023, Hindenburg accused the Adani group of stock manipulation and accounting fraud. Following the report, Adani group stocks had fallen 80%. Since then most of the stocks have recovered with Adani Ports surpassing above the pre Hindenburg report levels.  

In the previous week, London-based Snowcap Research in a report accused Adani Green of inflating financial metrics, overstating cashflow estimates and relying heavily on related party transactions. The company denied the accusations

Price Action: In the morning trade on Monday, here is how Adani Group stocks traded.

ACC Ltd shares traded 3.28% higher at ₹2,630.

Adani Energy Solutions traded 8.13% higher at ₹1,214.05.

Adani Enterprises Ltd shares traded 5.23% higher at ₹3,589.75.

Adani Green Energy Ltd traded 9.20% higher at ₹2,083.95.

Adani Ports shares traded 8.96% higher at ₹1,566.15.

Adani Power Ltd shares traded 12.63% higher at ₹851.25.

Adani Total Gas Ltd traded 9.02% higher at ₹1,133.05.

Adani Wilmar Ltd shares traded 3.32% higher at ₹367.55.

Ambuja Cements Ltd traded 3.6% higher at ₹656.85.

New Delhi Television Ltd shares traded 5.95% higher at ₹262.65.

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