Adani Group stocks extend rally for third straight day; Adani Green jumps 15%

Shares of Ambuja Cements up by 2.90%, Sanghi Industries 2.44%, Adani Ports 2.25%, Adani Wilmar 2.24%

New Delhi: Shares of all 11 listed Adani Group firms rallied in morning trade on Friday, with Adani Green Energy surging nearly 15 per cent. The stock of Adani Green Energy jumped 14.64 per cent, Adani Energy Solutions zoomed 13.54 per cent, Adani Total Gas climbed 7.33 per cent, Adani Power surged 4.90 per cent and NDTV soared 4.54 per cent on the BSE.

Shares of Ambuja Cements went up by 2.90 per cent, Sanghi Industries (2.44 per cent), Adani Ports (2.25 per cent), Adani Wilmar (2.24 per cent), Adani Enterprises (2.11 per cent) and ACC (1.34 per cent). The BSE benchmark Sensex traded 688.31 points higher at 79,732.05 and the NSE Nifty jumped 192.65 points to 24,106.80.

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Abu Dhabi’s International Holding Company (IHC), one of the largest sovereign funds that manages assets close to $100 billion, has reaffirmed its support to the Adani Group, saying its outlook on investments in the group remains unchanged despite the US indictment of the conglomerate’s founder chairman Gautam Adani.

“Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors,” IHC, one of Adani group’s key foreign investors, said in a statement. “As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged.”

The IHC statement comes soon after Adani group emphasised that its chairman and his aides have not been charged under the US Foreign Corrupt Practices Act but faced three other charges, including securities and wire fraud that are punishable with monetary fines.

The US Department of Justice’s (US DoJ) indictment filed in a New York Court last week does not mention Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar or Vneet Jaain in any count related to conspiracy to violate the FCPA, AGEL – the firm at the heart of allegation of $265 million bribes allegedly being paid to Indian officials to secure solar power sale contracts that could benefit bring in $2 billion of profits over 20 year period to the firm, had said in a filing to the stock exchange.