Adani Ent, Adani Power, Adani Ports, Adani Total Gas: Adani Shares Trading In Green Today (Jan 4, 2024)

The share price of Adani group stocks including Adani Power, Adani Ports, and Adani Total Gas rallied for another day on Thursday, a day after the Supreme Court on Wednesday refused to order an SIT probe into allegations leveled by the US Short-seller Hindenburg Research against the Gautam Adani-led Indian conglomerate.

While announcing its verdict on a batch of petitions seeking examination of allegations of fraud made against Adani group firms in the Hindenburg Research report the apex court dismissed reliance on a third-party report and affirmed faith in SEBI's handling of the case. The SC said that there are no valid grounds to direct the regulator to regulate its amendments made in the exercise of delegated legislative powers.

The January 3, Supreme Court judgment came as a big relief to the embattled Adani Group as it reimposed investors' faith in Adani Group firms. Following the court order, shares of the ten listed Adani group companies witnessed a rally adding approximately Rs 64,500 crore to their market capitalisation.

Today, the share price of Adani Total Gas Ltd was spotted trading 1.99% higher at Rs 1120.90 per share at 11:43 am IST. Adani Total Gas shares touched Upper Circuit Rs. 1100.65 on Wednesday.

Shares of Adani Ports and Special Economic Zone Limited were up 1.86% at Rs 1113.85 per share at 11:44 am IST, and the share price of Adani Power was up 0.71% at Rs 548.50 per share at 11:45 am IST.

Adani Power shares touched the upper circuit of Rs. 544.65 on Jan 3, 2024. The share price of Adani Ports traded at a new 52-week high value of 1144.00 on Wednesday.

Today, Adani Enterprises shares were up 0.10% at Rs 3007 per share at 11:49 am IST.

On Wednesday, after the top court pronounced its order on the Adani-Hindenburg row, Gautam Adani, Adani Group Chairman said in a social media post on X (formerly Twitter) that truth has prevailed. He said, "The Hon'ble Supreme Court's judgment shows that: Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue. Jai Hind."

One should that almost a year has passed since the Adani group was embroiled in a controversy that emerged after the Hindenburg report released on January 24, 2023, leveled charges including stock price manipulation against the Indian conglomerate. Since then the shares of Adani group companies have seen several ups and downs.

The Supreme Court verdict which comes almost a year after the controversial report has given a good start to Adani group stocks this year after an awful start last year. It remains to be seen if shares of Adani Group maintain positive momentum throughout the year, enhancing returns to shareholders who showed faith in the company when it was going through a lot of turbulence in 2023.