Adani stocks continue a robust rally, jumping 15% as a US agency dismisses fraud accusations. Investor confidence strengthens amid positive developments for the conglomerate.
Adani stocks continued to rally on December 6, surging up to 16 percent, after a report indicated that a US agency found the accusations by Hindenburg Research against the Gautam Adani-led conglomerate ‘irrelevant’.
The US International Development Finance Corp (DFC) conducted a due diligence before extending the conglomerate a $553-million loan for a container terminal in Sri Lanka, a Bloomberg report said. A senior US official affirmed that the US government considered the Hindenburg Research allegations of corporate fraud against Adani inconsequential. Moneycontrol couldn’t verify the report independently.
Adani Green Energy led the pack, surging up to 16 percent. This added to the 20 percent gains seen in the previous session. The spike comes after the company announced that it secured an additional $1.36-billion funding through a senior debt facility. In the last month, the Adani Green Energy stock surged 70 percent.
Adani Ports scaled a fresh record high for the second straight session on December 6. The stock has recovered nearly three times from its lows of Rs 392 after the scathing Hindenburg report came out in January 2023. The rise comes after global brokerage Citi put a ‘buy’ call on the stock, and raised the target raised to Rs 1,213 per share from Rs 972 earlier.
Despite the rally after the recent state election results, the brokerage thinks there is still ample scope for valuations to re-rate.
Adani Enterprises Ltd surged around 3 percent to Rs 3,154.55 on the National Stock Exchange. Its market capitalisation topped the Rs 3.4-lakh-crore mark. The stock has surged more than 175 percent from its 52-week low touched earlier this year following the report that accused the group of stock manipulation and other wrong-doings.
Adding to the previous session’s gains of nearly 20 percent, shares of Adani Total Gas gained 15 percent to hit a fresh 52-week high of Rs 1,033.00, pushing the company’s market value above Rs 1 lakh crore. Adani Energy Solutions also surged 12 percent, while the Adani Power stock zoomed over 6 percent. Adani Wilmar also jumped over 5 percent.
Ambuja Cement stocks extended gains to second day, rising 2.64 percent in the morning trade, a day after the Gautam Adani-led company completed its acquisition of SIL. Brokerage firm Jefferies has a “buy” call on Ambuja Cements after the acquisition, with a target price of Rs 540 a share.
Also Read : US agency finds Hindenburg’s allegations ‘irrelevant’ , Adani stocks zoom up to 17% after report says
Among other Adani Group companies, shares of NDTV jumped 7 percent, addding to 18 percent gains seen in the previous session. The stock has rallied 21 percent in the last one month.
Meanwhile, ACC was the only Adani stock trading in red. After rising over 8 percent on December 5, the stock fell nearly 2 percent to trade near 2,143.00 on NSE.
