In a significant development, Adani Group stocks witnessed strong gains in early trade on Tuesday, November 28, as the Supreme Court (SC) concluded hearings on several petitions demanding an inquiry into the Adani-Hindenburg matter. The Securities and Exchange Board of India (Sebi) also informed the SC that it does not need additional time to complete its investigation into the Adani Group.
Shares of flagship firm Adani Enterprises jumped over 9%, leading the charge among Adani Group stocks. The stock’s impressive performance was followed by Adani Total Gas, which surged almost 20 per cent. Shares of Adani Green Energy and Adani Power also witnessed significant gains, jumping almost 12% each. Adani Wilmar and Adani Ports shares also rose, with Adani Wilmar gaining almost 10% and Adani Ports shares rising over 5%.
Sebi’s timely completion of its investigation into the Adani Group played a crucial role in boosting investor confidence. The market regulator informed the SC that it does not need additional time to complete its probe, with 22 of the 24 cases related to the Hindenburg matter already resolved. The remaining aspects of the investigation hinge on data from foreign regulatory bodies.
In another positive development, 7 of the 10 listed Adani Group companies reported net profit growth in Q2FY24. This strong earnings performance further bolstered investor sentiment and contributed to the rally in Adani Group stocks.
The strong gains witnessed by Adani Group stocks on Tuesday reflect the market’s positive reaction to the conclusion of SC hearings and Sebi’s completion of its investigation. The positive earnings season for Adani Group companies further reinforced investor confidence.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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