Adani Energy, Adani Green, Adani Power, Adani Total: Adani stocks extend gains, rise up to 8%
Shares of Adani Energy Solutions Ltd were trading 6.55 per cent higher at Rs 704.55. Adani Green Energy Ltd jumped 5.51 per cent to Rs 1,043.85. The two stocks have been put under the first stage of the short-term ASM on NSE and BSE.
- Nov 28, 2024,
- Updated Nov 28, 2024 9:43 AM IST
Shares of Adani group companies such as Adani Energy Solutions Ltd, Adani Green Energy Ltd, Adani Power Ltd, Adani Enterprises Ltd and Adani Total Gas Ltd climbed up to 5 per cent and extended their recent recovery after the Adani group clarification on US bribery case.
Shares of Adani Energy Solutions Ltd were trading 6.55 per cent higher at Rs 704.55. Adani Green Energy Ltd jumped 5.51 per cent to Rs 1,043.85. The two stocks have been put under the first stage of the short-term additional surveillance measures (ASM stage-1) on NSE and BSE.
Adani Power climbed 5.15 per cent to Rs 550.75. Adani Total Gas soared 8.82 per cent to Rs 752.70. The flagship Adani Enterprises gained 1.46 p cent to Rs 2,433.30. Adani Wilmar added 0.44 per cent to Rs 316.30. ACC, NDTV and Ambuja Cements shares were flat, while Sanghi Industries and Adani Ports gained 1 per cent each. Adani stocks have been on a recovery mode even since the group clarified that there are no bribery charges against Gautam Adani, his nephew and other group executives.
Gautam Adani, Sagar Adani, and Vneet Jaain have not been accused of any violations of the FCPA in the charges outlined in the US Department of Justice (DOJ) indictment or the US Securities and Exchange Commission (SEC) civil complaint, Adani Green Energy informed the stock exchanges.
Adani Green Energy clarified that only officials from Azure and CDPQ faced bribery charges in the DOJ indictment, and no bribery charges were leveled against any Adani group executives. The indictment also did not mention any specific amount for potential fines or penalties, it was noted.
"The media reports claiming that some of our directors—specifically Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain—have been charged with FCPA violations are inaccurate," the statement said.
"They have not been named in any charges related to bribery, corruption, or conspiracy to obstruct justice," the report continued.
Rajiv Jain’s GQG Partners recently reaffirmed its faith in the Adani Group, stating there’s no shift in its investment strategy despite the allegations. GQG, which held a $9.7 billion stake in Adani Group companies, accounting for 6.1 per cent of the investment firm’s total assets, before the allegations siad the level of exposure was manageable, even given the volatility in Adani Group stocks.
“The DOJ indictment and SEC action are against individuals only. The allegations relate solely to AGEL, not other Adani companies,” the memo stated.
Moody's rating has taken actions on seven Adani Group companies, said Reuters. According to its reports, Moody's has reaffirmed Adani Green Energy's rating to BA1 but outlook has been changed to negative from stable. The outlook has been changed for Adani Energy Solutions, formerly known as Adani Transmission Ltd, to negative, which was stable earlier.
Earlier, S&P Global Ratings had indicated that the alleged bribery case involving Adani Group Chairman Gautam Adani and senior executives could negatively impact the group's ability to secure funding and raise funding costs.
Shares of Adani group companies such as Adani Energy Solutions Ltd, Adani Green Energy Ltd, Adani Power Ltd, Adani Enterprises Ltd and Adani Total Gas Ltd climbed up to 5 per cent and extended their recent recovery after the Adani group clarification on US bribery case.
Shares of Adani Energy Solutions Ltd were trading 6.55 per cent higher at Rs 704.55. Adani Green Energy Ltd jumped 5.51 per cent to Rs 1,043.85. The two stocks have been put under the first stage of the short-term additional surveillance measures (ASM stage-1) on NSE and BSE.
Adani Power climbed 5.15 per cent to Rs 550.75. Adani Total Gas soared 8.82 per cent to Rs 752.70. The flagship Adani Enterprises gained 1.46 p cent to Rs 2,433.30. Adani Wilmar added 0.44 per cent to Rs 316.30. ACC, NDTV and Ambuja Cements shares were flat, while Sanghi Industries and Adani Ports gained 1 per cent each. Adani stocks have been on a recovery mode even since the group clarified that there are no bribery charges against Gautam Adani, his nephew and other group executives.
Gautam Adani, Sagar Adani, and Vneet Jaain have not been accused of any violations of the FCPA in the charges outlined in the US Department of Justice (DOJ) indictment or the US Securities and Exchange Commission (SEC) civil complaint, Adani Green Energy informed the stock exchanges.
Adani Green Energy clarified that only officials from Azure and CDPQ faced bribery charges in the DOJ indictment, and no bribery charges were leveled against any Adani group executives. The indictment also did not mention any specific amount for potential fines or penalties, it was noted.
"The media reports claiming that some of our directors—specifically Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain—have been charged with FCPA violations are inaccurate," the statement said.
"They have not been named in any charges related to bribery, corruption, or conspiracy to obstruct justice," the report continued.
Rajiv Jain’s GQG Partners recently reaffirmed its faith in the Adani Group, stating there’s no shift in its investment strategy despite the allegations. GQG, which held a $9.7 billion stake in Adani Group companies, accounting for 6.1 per cent of the investment firm’s total assets, before the allegations siad the level of exposure was manageable, even given the volatility in Adani Group stocks.
“The DOJ indictment and SEC action are against individuals only. The allegations relate solely to AGEL, not other Adani companies,” the memo stated.
Moody's rating has taken actions on seven Adani Group companies, said Reuters. According to its reports, Moody's has reaffirmed Adani Green Energy's rating to BA1 but outlook has been changed to negative from stable. The outlook has been changed for Adani Energy Solutions, formerly known as Adani Transmission Ltd, to negative, which was stable earlier.
Earlier, S&P Global Ratings had indicated that the alleged bribery case involving Adani Group Chairman Gautam Adani and senior executives could negatively impact the group's ability to secure funding and raise funding costs.