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Shares of all 11 listed Adani Group companies witnessed a robust rally in early Friday trading, led by Adani Green Energy, which surged by nearly 15 per cent, according to PTI.
Adani Green Energy soared 14.64 per cent, while Adani Energy Solutions saw a remarkable rise of 13.54 per cent on the BSE. Other group companies also posted significant gains, with Adani Total Gas climbing 7.33 per cent, Adani Power rising 4.90 per cent, and NDTV advancing by 4.54 per cent.
Ambuja Cements rose by 2.90 per cent, Sanghi Industries by 2.44 per cent, Adani Ports by 2.25 per cent, Adani Wilmar by 2.24 per cent, Adani Enterprises by 2.11 per cent, and ACC by 1.34 per cent.
In parallel, the broader market indices also reflected a positive trend. The BSE Sensex surged by 688.31 points to reach 79,732.05, while the NSE Nifty climbed by 192.65 points to 24,106.80.
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The rally comes amidst Abu Dhabi-based International Holding Company (IHC), a key investor in the Adani Group, reaffirming its confidence in the conglomerate. IHC, which manages assets worth nearly USD 100 billion, stated that its investment outlook remains unchanged despite the recent US indictment of Gautam Adani, founder chairman of the Adani Group.
"Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors," IHC said in its statement, as per PTI. It further clarified that its team continues to monitor developments, but there is no change in its view of the investments.
The statement followed Adani Group's clarification that its chairman Gautam Adani, nephew Sagar, and aide Vneet Jaain were not charged under the US Foreign Corrupt Practices Act (FCPA). Instead, three charges, including securities and wire fraud, have been filed, carrying potential monetary penalties.
The Adani Group, in a filing to the stock exchange, categorically denied allegations of a USD 265 million bribe for solar power contracts, terming them baseless, and vowed to pursue legal remedies.
International partners have also maintained their confidence in the Adani Group. Sri Lanka Ports Authority reiterated its support, acknowledging Adani's contribution to its port infrastructure expansion, while Tanzania's government reaffirmed its commitment to agreements with Adani Ports.
Tanzania recently finalised a 30-year concession agreement with Adani Ports in May 2024 to operate Container Terminal 2 at Dar es Salaam port, fully compliant with the country's laws, according to PTI reports.
The combined developments have strengthened investor sentiment, driving a bullish performance across Adani Group stocks.
