Adani group shares rally; Adani Green, Enterprises, Power surge up to 15%

Shares of Adani Group companies rallied up to 15 per cent on the BSE in Monday's intraday trade amid a firm market momentum after a clean sweep by the Bharatiya Janata Party (BJP) in three Assembly elections.

Among individual stocks, Adani Green Energy surged 15 per cent to Rs 1,178, while Adani Energy Solutions soared 14 per cent to Rs 975.05, followed by Adani Total Gas (14 per cent at Rs 800), Adani Power (13 per cent at Rs 495), Adani Enterprises (10 per cent at Rs 2,598.50), New Delhi Television (NDTV) (7 per cent at Rs 235.05), Adani Ports (7 per cent at Rs 883), Adani Wilmar (7 per cent at Rs 365), and ACC and Ambuja Cements up 5 per cent each at Rs 1,995 and Rs 462.50, respectively.

At 09:23 AM, these stocks were up in the range of 3 per cent to 10 per cent. In comparison, the S&P BSE Sensex was up 1.4 per cent at 68,406.

Meanwhile, last week, the Supreme Court reserved its judgement on the charges made by the Hindenburg report and the market regulator, the Securities and Exchange Board of India (Sebi), saying that it has completed its investigations in 22 out of 24 cases. Investors were enthused by the fact that there were no adverse reports against the Adani group.

However, except Adani Power and Adani Port, the rest of the Adani Group stocks have underperformed the market in calendar year 2023 as an unsubstantiated report by the US-based short seller Hindenburg Research resulted in the group's stock crashing in January.