Business News: Shares of Adani Group companies rose for the second subsequent day on Monday. Following market regulator SEBI's order dismissing charges in the Hindenburg Research case, Adani Power reached a 15-month high. Meanwhile, shares of other group companies are moreover seeing gains. Shares of Adani Total Gas, Adani Green Energy, Adani Enterprises, Adani Port, Sanghi Industries, and Adani Cement are rocketing. Significantly, on Friday, the company's valuation increased by approximately 69,000 crore. On Monday, the group's valuation increased by 1.13 lakh crore. This ways that the Adani Group's valuation has increased by 1.7 lakh crore in two days. Let us explain how much the Adani Group's shares are experiencing.
Adani Group shares rocketed
Adani Power rose 19.99 percent to a one-and-a-half-year upper of 170.15 on the BSE. Adani Total Gas rose 17.49 percent, Adani Green Energy 8.12 percent, and Adani Energy Solutions 5.67 percent. Among other group companies, Adani Enterprises rose 4 percent, NDTV 3.51 percent, Sanghi Industries 3.29 percent, Adani Ports 2 percent, while ACC and Ambuja Cements each gained 2 percent. Surprisingly, the overall stock market is under pressure. The Sensex is lanugo over 500 points, while the Nifty is lanugo 131 points.
Adani Group’s Record Profit Surge
Adani Group shares witnessed a massive surge in the past two days. Adani Enterprises recorded gains of over 12,355 crore. Adani Port & SEZ widow nearly 3,726 crore. Adani Power emerged as the biggest winner with a huge profit of 54,672 crore. Adani Green Energy moreover gained increasingly than 19,337 crore. Adani Energy Solutions and Adani Total Gas unsalaried profits of 7,309 crore and 14,237 crore respectively. Cement companies ACC and Ambuja Cement registered marginal gains. Meanwhile, NDTV and Sanghi Industries together widow nearly 100 crore. Overall, Adani Group showcased its strength by earning 1,13,862 crore.
SEBI gets wipe chit from Adani Group
The surge comes without SEBI stated in its order on Thursday that the regulator found no vestige of stock manipulation or related-party abuse, as so-called by US-based short seller Hindenburg Research in early 2023. Adani Group shares moreover sealed with strong gains on Friday, with Adani Power jumping increasingly than 12%. According to a Reuters report, global brokerage firm Jefferies reiterated a "buy" rating on Adani Enterprises with a target price of 3,000, a 25% increase from its previous close. The brokerage said that new tariffs are expected to uplift revenue at all airports operated by the company, except Mumbai, and that airfare revenue per passenger is expected to increase 1.5 to 2.5 times by fiscal 2027-28.
