Adani Stocks Trade Higher: Adani Total Gas Jumps 19%, Nine Firms In Green| What's Fueling The Rally?

The Adani Group has a total of 11 listed firms, of which, the shares of nine firms were trading higher during morning trade on Thursday, with Adani Total Gas registering a jump of 19 per cent.

How Are The Adani Group Shares Faring In The Markets Today?

The Adani Total Gas stock rose 18.58 per cent, Adani Power soared 11.44 per cent, Adani Energy Solutions jumped 9.99 per cent and Adani Green Energy rose 9.99 per cent on the BSE.

The Adani Enterprises share climbed 5.32 per cent, NDTV rose 3.35 per cent, Adani Wilmar soared 3.17 per cent, Adani Ports climbed 2.25 per cent and Sanghi Industries increased 2.19 per cent.

While the companies Adani Green Energy and Adani Energy Solutions also hit the upper circuit for the day, ACC and Ambuja Cements were trading marginally lower during the morning trade on Thursday.

The rise in Adani Group stocks was seen even as the benchmark BSE Sensex traded 688.82 points lower at 79,545.26, and the NSE Nifty stood 222.20 points lower at 24,052.70 at the time of this report at about 1.15 pm.

The shares of all Adani Group firms traded higher on Wednesday and ended higher, with Adani Power and Adani Total Gas soaring almost 20 per cent.

Adani Group-US Court Battle In a Nutshell

The latest rally in Adani Group stocks comes just two days after a US Court levelled allegations of 'bribery and fraud' against Adani Group leadership.

The Adani Group has, however, said that the charges are 'baseless and denied'. "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," Adani Green Energy Ltd (AGEL), said in a stock exchange filing.

Adani Group Stocks Zoom: What Are The Factors Behind This Rally?

Analysts believe that the stocks of Adani Group entities are rising because of the underlying investor confidence in the group. Some of the developments underlining the same include:

• Senior lawyers Mahesh Jethmalani and Mukul Rohatgi, on Wednesday said that there was 'no evidence' in the US case against Adani Group officials.
• Even though TotalEnergies announced that they would be stopping the funding of associated Adani Group company for the future, the latter has said that TotalEnergies' withdrawal will have no impact on the fundamentals of the group.
• GQG Partners, one of the main investors of Adani Group has maintained that the 'fundamentals' of the group are strong.