Adani Group m-cap jumps over ₹1 lakh crore in a day, first since Hindenburg episode

On Tuesday, November 28, the market capitalization (m-cap) of Adani Group stocks increased by more than one lakh crore in a single session, the first such significant increase since the Hindenburg incident in January of this year, due to strong increases in Adani Group stocks.

According to Capitalmarket data, the total market capitalization of Adani Group stocks increased by over 1.04 lakh crore in only one session, touching roughly 11.31 lakh crore on Tuesday, up from around 10.27 lakh crore the previous session.

On Tuesday, November 28, Adani Group stocks surged as the Supreme Court (SC) wrapped up hearings on multiple petitions requesting an investigation into the Adani-Hindenburg saga and the Securities and Exchange Board of India (Sebi) informed the SC that it does not require any further time to finish its investigation into the Adani Group.

Adani Enterprises, the flagship firm, had an 8.66 percent increase in its share price.

The most significant gainer, meanwhile, was a 20% spike in Adani Total Gas shares. Adani Power's stock increased by 12.32% and Adani Green Energy's by 12.27%. Both Adani Wilmar and Adani Ports saw increases in their share prices of 9.96% and 5.20%, respectively.

The stock prices of NDTV, Ambuja Cements, and ACC, all of which are part of the Adani Group, increased by 11.73 percent, 4.22%, and 2.62%, respectively.

On Friday, Sebi notified the Supreme Court that it has already addressed 22 of the 24 cases pertaining to the Hindenburg incident and does not require any further time to finish its probe into the Adani Group. Further information from international regulatory agencies is crucial to the ongoing investigation.

Hearings on multiple petitions requesting an investigation into the Adani-Hindenburg case have completed and the three-judge panel of the highest court, presided over by Chief Justice D. Chandrachud, has requested written arguments by Monday.

According to a report published on January 24th by US-based Hindenburg Research, the Adani Group was involved in fraudulent practices that inflated its stock values artificially. In a lengthy response, the Group has categorically disputed the claims.

At the same time, in Q2FY24, seven out of ten Adani Group firms that were listed saw an increase in net profit. In comparison to the same quarter last year, Ambuja Cements, the cement and building material flagship company of the Adani Group, achieved an outstanding increase of 1,835 percent in its consolidated net profit, reaching ₹987 crore, making it the top performer among group companies.

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