Adani Group's market cap soars Rs 69,000 crore in single day

New Delhi, Sep 19 (IANS) Adani Group companies added more than Rs 69,000 crore to their market capitalisation in a single trading session on Friday, as investors rushed to buy shares following the SEBI's clean chit in the Hindenburg case.

The market regulator’s order, which dismissed allegations of stock manipulation and related-party misuse, boosted investor confidence and triggered a sharp rally across Adani stocks.

Adani Power led the surge with a jump of 12.40 per cent on the Bombay Stock Exchange (BSE), hitting its 52-week high.

Adani Total Gas rose 7.35 per cent, while Adani Green Energy and Adani Enterprises climbed 5.33 per cent and 5.04 per cent, respectively.

Adani Energy Solutions also advanced 4.70 per cent on the BSE.

The rally came just a day after the SEBI wrapped up its probe, concluding that there was no evidence to support the accusations made by US short-seller Hindenburg Research in January 2023.

The latest gains have brought huge relief to investors and are being seen as a turning point for the Adani Group.

The total market valuation of the conglomerate’s listed companies now stands at Rs 13.96 lakh crore, as per the exchange data.

Brokerages also signalled fresh confidence in the group. Global firm Morgan Stanley initiated coverage on Adani Power for the first time in over a decade, a move that analysts say reflects renewed interest from institutional investors who had largely stayed away after the Hindenburg report.

Other group companies also posted gains, with Sanghi Industries rising 1.41 per cent, ACC up 1.21 per cent, Adani Ports adding 1.09 per cent, and Ambuja Cements edging higher by 0.28 per cent.

"Adani group stocks surged after SEBI cleared the group in the Hindenburg probe, triggering renewed investor confidence and strong buying interest across the conglomerate," Bajaj Broking Research said in a note.

The surge was particularly strong in energy-related stocks but spread across the group’s portfolio, underscoring the market’s optimism after months of uncertainty.

--IANS

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