Adani Group stocks bounce back from lows, Adani Enterprises up 101% in 4 days; is Hindenburg hangover fading-
时间:2024-06-26 13:35:38 阅读(143)
Adani Group stocks rallied for the second straight day on Wednesday. The Gautam Adani-led conglomerate’s flagship firm Adani Enterprises was top gainer on the Nifty 50 index, zooming 11%, and Adani Ports and Special Economic Zone shares were also among the top gainers, soaring around 8% in early trade. Adani group companies’ market value, which fell around $120 billion after claims of accounting fraud were levelled by short-seller US investment group Hindenburg Research, has seen a resurgence in the past few sessions. The rise in two consecutive sessions has helped trim the total loss to below $110 billion. The surge came after the group stated that it was repaying early loans worth $1.1 billion.9 out of 10 Adani group stocks rally
Adani Enterprises share price hit 10% upper circuit limit at Rs 1,982.75, while Adani Transmission shares climbed 4.87% to Rs 1,312.70 after the company reported a 73% jump in consolidated net profit at Rs 478 crore for the December quarter. Adani Green Energy stocks rallied 2.48% to Rs 864.10 after the company consolidated profit more than doubled to Rs 103 crore in December quarter. Ambuja Cements shares jumped 2.27% and Adani Wilmar hit its 5% upper circuit limit at Rs 419.35.
Adani group stocks rise from the ashes; Hindenburg effect fading?Adani Enterprises share price has rebounded 101% from a 52-week low hit on 3 February. The stock is currently trading 51% lower from its 52-week high hit last year in December. Adani Ports shares have rallied 50% from a 52-week low hit on 3 February. It is currently trading 40% lower from the 52-week high hit last year in September. Adani Total Gas is still down 65% from its 52-week price of Rs 3,998 hit on 23 January.
Adani Power share price has bounced back 7% from its recent low of Rs 170. However, the stock is trading 33% down from the closing price of 24 January, when Hindenburg released its report. Adani Transmission and Adani Green Energy shares have surged nearly 10% and 7% respectively from their 52-week lows hit this week. Meanwhile, Adani Wilmar share price has rebounded 16% from its recent low.
StocksCMPRecent lowRecoveryAdani Enterprises20491017101%Adani Transmission131411989.6%Adani Wilmar41936116%Adani Ports59839451%Ambuja Cements38431521%ACC2041169620%NDTV22720113%Hindenburg-Adani Row: The story so farUS-based investment research firm Hindenburg on January 24 accused Adani of “brazen stock manipulation and accounting fraud scheme” in “the largest con in corporate history”. Adani artificially boosted the share prices of its units by funnelling money into the stocks through offshore tax havens, the shirt-seller’s document said. The group benefited from what it called a “decades-long pattern” of government leniency, and that “investors, journalists, citizens, and even politicians have been afraid to speak out for fear of reprisal”, Hindenburg alleged.
In response to the scathing report, Adani group released a 413-page reply rejecting the claims as a “maliciously mischievous” reputational attack. “It is tremendously concerning that the statements of an entity sitting thousands of miles away, with no credibility or ethics has caused a serious and unprecedented adverse impact on our investors,” the Adani Group said. As Adani group stocks continued hitting new lows in the aftermath of the Hindenburg report, Gautam Adani reassured investors last week saying, “fundamentals of our company are very strong, our balance sheet is healthy and assets robust”. “These allegations are baseless,” he told India Today television on Friday.
上一篇:Chennai techie chained, burnt alive by friend who underwent sex-change to marry her
下一篇:Will Nifty hold onto gains or fall below 17400- 8 things to know before stock market opens
猜你喜欢
- Nifty maintains stability amid earning season kick-off, Bank Nifty eyes key levels for potential upside
- Buy these two stocks for gains; Nifty resistance placed at 18000, support near 17350
- CG Power case- Sebi slaps 5-year mkt ban on Gautam Thapar; penalises 11 entities
- Stock market today- Top global cues to watch out for
- Stock market today- Wall Street edges higher to edge of a new bull market
- Nifty to fall below 18450 or bulls to bounce back- 7 things to know before share market opens
- Buy these two stocks for gains while Nifty remains in an up-trend, resistance at 17800
- Cipla shares fall over 6% after its unit gets 8 observations from USFDA
- Stock Market Holidays 2022- NSE, BSE to remain closed today on Muharram, two more holidays in August; See list