Adani Group stocks surged up to 7% today; here's a likely reason

Shares of listed Adani Group companies were trading in the green during Tuesday's trade, in line with a sharp uptick in domestic benchmarks. Today's rise in Adani stocks came after a few reports suggested that the Trump administration may roll back the enforcement of certain types of white-collar crimes.

Earlier in February this year, US President Donald Trump signed an executive order directing the Justice Department to halt prosecuting Americans accused of bribing foreign officials to secure overseas business deals.

The move aims to provide relief to US citizens but there's a catch for other corporates as well. It may benefit companies and executives accused of charges in US courts, such as key executives of the Adani Group -- including its chairperson Gautam Adani, who are currently facing bribery charges on foreign soil. The Indian conglomerate, on its part, has termed the allegations 'baseless'.

On the stock-specific front, shares of Adani Power Ltd surged the most, rising 7.04 per cent to hit a high of Rs 554.55. Last checked, the stock was up 4.80 per cent at Rs 542.95.

Adani Green Energy Ltd and Adani Ports and Special Economic Zone Ltd gained 4.14 per cent and 4.06 per cent, respectively. Adani Energy Solutions Ltd shares moved up 3.96 per cent.

The group's flagship entity, Adani Enterprises shares were up 3.93 per cent. New Delhi Television Ltd (NDTV), Adani Total Gas Ltd and Adani Wilmar Ltd climbed up to 3.55 per cent. And, Ambuja Cements Ltd, ACC Ltd, Sanghi Industries Ltd and Orient Cement Ltd rose 0.98 per cent, 0.97 per cent, 0.72 per cent and 0.08 per cent, each.

Meanwhile, Indian equity benchmarks extended their rebound rally for the second consecutive session, led by gains across all sectoral indices. This recovery follows Trump delaying retaliatory tariffs by 90 days on countries, excluding China, and announcing exemptions on some sectors such as smartphones, computers and other electronic items.