Thursday, February 29, 2024

Adani group stocks in heavy demand; Adani Energy zooms nearly 18%, NDTV jumps over 11%

Shares of Adani group of companies jumped in morning trade on January 3, defying a weak trend in the broader equity market, after the Supreme Court ruling that there was no ground to order an investigation by a SIT or other probe agency into allegations against the group.

The Supreme Court on January 3 said capital market regulator Securities & Exchange Board of India (SEBI) must conclude its probe within three months.

Adani Energy Solutions zoomed 17.83%, NDTV jumped 11.39%, Adani Total Gas climbed 9.99 %, Adani Green Energy soared 9.13% and Adani Enterprises surged 9.11% on the BSE.

Shares of Adani Wilmar went up by 8.52%, Adani Ports climbed 6%, Adani Power (4.99%), Ambuja Cements (3.46%) and ACC 2.96%.

Two of the group firms — Adani Ports and Ambuja Cements — also hit their 52-week high levels during the morning trade. In the equity market, the 30-share BSE Sensex traded 319.47 points lower at 71,544.60, and the Nifty quoted 104.30 points down at 21,561.50.

The Supreme Court on Wednesday directed SEBI to complete its probe into two pending cases relating to allegations against the Adani group within three months.

Holding that it cannot regulate SEBI’s power of investigation, a Bench headed by Chief Justice D. Y. Chandrachud noted that SEBI has completed its probe in 22 out of 24 cases relating to allegations against the Adani group.

The apex court also said that the facts of the case do not warrant the transfer of the probe into the matter to a Special Investigation Team (SIT) or other probe agency.

The top court delivered its verdict on a batch of petitions on the Adani-Hindenburg row over allegations of stock price manipulation by the Indian corporate giant. Adani group has denied all allegations.

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