Adani Stocks Make Investors Richer By Rs 3.12 Lakh Crore In Two Days
The latest trigger was the report that the US found the short-seller's allegations were irrelevant to the group's port financing.
Adani Group stocks surged on Tuesday after a report said that the US provided financing to the conglomerate's port terminal in Sri Lanka after concluding that allegations by Hindenburg Research were not relevant.
Adani Group's market capitalisation rose to Rs 13.9 lakh crore mark, gaining 1.92 lakh crore on Tuesday. In the last two sessions, the group has made investors richer by 3.12 lakh crore.
Adani Green Energy Ltd., Adani Enterprises Ltd., Adani Ports and Special Economic Zones Ltd. hit upper circuit on Tuesday.
Adani Enterprises rose to a high of Rs 2,999.0 before closing at Rs 2,971.00, the highest level since Feb. 1. Adani Ports and Special Economic Zones rose to a high of Rs 1,024 and ended at Rs 1,010 apiece.
Adani Green and Adani Total Gas Ltd. was the top two gainers, rising 19.88% and 20.00%.
Ambuja Cements Ltd. closed above the Jan. 24 levels at Rs 508.70 after rising 7.27%.
The fresh trigger came as the Bloomberg reported that International Development Finance Corp. was satisfied that the short-seller’s claims weren’t applicable to Adani Ports & Special Economic Zone Ltd., the company spearheading the Colombo project. Around the same time, Adani Green Energy Ltd. announced that it raised $1.36 billion from a consortium of eight international banks as project finance.
That came amid a market-wide rally after the BJP's astounding victory in the three Hindi belt states. The conglomerate's plan to ramp up capex to drive growth has also added to investor confidence, aiding the rally that started after Supreme Court upheld confidence in SEBI's probe into the Adani-Hindenburg matter.
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