According to a Bloomberg report, the International Development Finance Corp (IDFC) conducted a thorough due diligence investigation before extending a substantial $553-million loan to the conglomerate for a container terminal project in Sri Lanka. Although the report could not be independently verified, a senior US official reportedly affirmed that the US government considered Hindenburg Research’s accusations of corporate fraud against Adani inconsequential.
Following this news, Adani Enterprises Ltd, the flagship company, witnessed a surge of more than 10 per cent, reaching Rs 2,784.30 on the National Stock Exchange (NSE). This propelled its market capitalization beyond the Rs 3 lakh crore mark once again. The stock has experienced a remarkable uptick of 173 per cent from its 52-week low earlier this year, which followed the report accusing the group of stock manipulation and other alleged wrongdoings.
Adani Green Energy, leading the pack, saw gains of up to 17 percent after announcing securing an additional $1.36 billion in funding through a senior debt facility. This brought the firm’s total construction financing framework to $3 billion, backed by an international consortium of banks. In the last month alone, Adani Green Energy’s stock surged by an impressive 42 per cent.
Adani Ports and Special Economic Zone Ltd (ASPEZ) experienced a surge of more than 9 percent, reaching a new 52-week high of Rs 966.50 on the NSE. The Nifty50 constituent commanded a total market capitalization exceeding Rs 2 lakh crore early on, marking a significant rise of 144 percent from its 52-week low in February.
Adani Energy Solutions also observed a surge of 10 percent to Rs 1,032.30 on the NSE. In the last month, the stock rallied nearly 30 per cent. Similarly, shares of Adani Total Gas gained over 7 percent, hitting an intraday high of Rs 806.80 on NSE, with a total valuation of around Rs 86,600 crore. Adani Power stock gained nearly 7 per cent, reaching 499.45 on NSE.
Adani Wilmar experienced a jump of over 5 percent to Rs 365.30. Ambuja Cements, gaining 5 per cent, completed the acquisition of Sanghi Industries (SIL) at an enterprise value of Rs 5,185 crore. Funded entirely through internal accruals, Ambuja Cement now holds a controlling stake of 54.51 per cent in SIL.
Additionally, among other Adani Group companies, shares of ACC jumped by 6 per cent, and NDTV saw a surge of 7 percent. The combined market capitalisation of Adani Group companies surpassed Rs 14 lakh crore, with the conglomerate’s wealth surging over Rs 1.83 lakh crore in the last week alone.
This impressive market response underscores the impact of the US agency’s dismissal of Hindenburg’s allegations, providing a significant boost to investor confidence in Adani Group stocks. As the conglomerate continues to make strides in various sectors, market dynamics remain a focal point for analysts and investors alike