Adani group stocks jumped up to 5% today. Here's what led the rise

Adani Group shares were rallying higher on Thursday on the back of positive news flow for select stocks and investors showed some signs of interest in the beaten-down counters. After a steep correction in the last few sessions, shares of Gautam Adani's conglomerate jumped up to 5 per cent during the early trade.

Adani Power hit an upper circuit of 5 per cent to Rs 147.90 on Monday after the company did not complete the planned acquisition of DB Power as the deadline for the completion of transactions expired. In a filing, the company said that the long-stop date under the Memorandum of Understanding (MoU) has expired.

Shares of Adani Power had plunged about 50 per cent after Hindenburg's report, whereas the stock had wiped out two third of its value from its 52-week high at Rs 432.8 in August 2022.

In another news, global index provider MSCI said it will postpone the reduction of weightages of two Adani group companies namely Adani Total Gas and Adani Transmission to its next index review in May.

Both stocks hit an upper circuit of 5 per cent at the opening tick. However, they gave up their early gain. Adani Total Gas declined marginally, whereas Adani Transmission was up about a per cent. Adani Transmission is 78 per cent down from its 52-week high, whereas Adani Total gas has lost 75 per cent of its value.

Among other group stocks, Adani Green Energy, Adani Wilmar and New Delhi Television jumped 5 per cent at the opening tick but pared up some gains. However, they managed to trade higher from their previous close. All three stocks are down up to 80 per cent from their respective 52-week highs.

Adani Enterprises and Adani Ports and Special Economic Zones were also up by 4 per cent and managed to hold their gains. Ambuja Cements and ACC also added over a per cent, each, from their previous close.

Adani Group stocks have been reeling under pressure since Hindenburg Research's report allegedly accused the Gautam Adani-led conglomerate of malpractices and manipulations. The US short-seller report set Adani Groups stocks on a free-fall since January 24, wiping out about $120 billion from their valuations.

Also read: MSCI postpones weightage reduction of Adani Total Gas, Adani Transmission to May. Here's why

Also read: Adani Wilmar shares at Rs 569! KR Choksey sees 43% rally in battered Adani group stock