Adani group stocks settle up to 20 per cent higher; market valuation inches closer to Rs 14 lakh crore

Adani group stocks settle up to 20 per cent higher; market valuation inches closer to Rs 14 lakh crore

Adani Group shares continued their upward movement on Tuesday after a report stated that US agency IDFC had found Hindenburg Research’s allegations of fraud against billionaire Gautam Adani-led conglomerate were ‘not relevant’.

Some of the group firms hit their 52-week highs and locked in upper circuit levels, with the total valuation of group companies reaching near the Rs 14 lakh crore mark at close.

Flagship firm Adani Enterprises advanced 17.03 per cent to finish at Rs 2,960.10, Adani Power climbed 15.91 per cent to close at Rs 538.50, while Adani Ports and Special Economic Zone (APSEZ) bounced 15.15 per cent to settle at Rs 1,011.85.

During the day, shares of Adani Power and APSEZ hit 52-week highs on the BSE. Shares of Adani Wilmar rose 9.93 per cent to end at Rs 380.70, ACC gained 8.20 per cent to close at Rs 2,185, Ambuja Cements went up 7.22 per cent to settle at Rs 508.70.

Meanwhile, Sanghi Industries jumped 4.97 per cent to finish at Rs 129.90 apiece on the exchange. The combined market valuation of all the 11 firms soared to Rs 13.91 lakh crore at close on Tuesday. It stood at around Rs 11.98 lakh crore at the close of trading on Monday. Thus, the combined market valuation of all the 11 firms, including Sanghi Industries went up by about Rs 1.92 lakh crore on Tuesday.

This was the first time that the group stocks hit the Rs 14 lakh crore mark after facing a rout early this year following a report by US short-seller Hindenburg Research that alleged financial wrongdoing and stock manipulation by the conglomerate.However, the company denied all the allegations.

Meanwhile, a report stated that the US International Development Finance Corp, or DFC, examined the allegations against the Adani Group before extending a loan for the Indian conglomerate’s port project in Sri Lanka.

Billionaire Gautam Adani-owned Ambuja Cements Ltd on Tuesday said it had completed the acquisition of Sanghi Industries Ltd (SIL), while another group firm Adani Green Energy announced it has secured funding of USD 1.36 billion from a consortium of international banks as part of its construction financing framework.

On Monday, Adani group shares extended gains from the previous week amid a record-breaking rally in the broader market, taking the total market valuation of group companies to close Rs 12 lakh crore mark.

Stock prices of Adani group companies have been on the rise since last week after the Supreme Court on November 24 reserved its verdict on a batch of petitions seeking examination of allegations of fraud by US-based short seller Hindenburg Research against the conglomerate.