All Adani Shares In Green, Rallies By 10% After Promoter Group Hikes Stake In 2 Firms

Adani Group-backed ten stocks are trading on a tremendous upside as much as they gained between 2% to a massive 10% on Monday. Adani Ports and Adani Power witnessed the most buying, in percentage terms, NDTV shares gained the most by 10%. The strong love of bulls comes after promoter groups have increased their stake in two Adani firms. Notably, Adani Group has also once again breached the market value of Rs 11 lakh crore despite new ambushes by George Soros-backed OCCRP.

On BSE, the flagship firm Adani Enterprises surged by nearly 3% with an intraday high of Rs 2,590, while Adani Ports and Adani Power gained by 7.5% and 7.6% by hitting the day's high of Rs 886.7 apiece and Rs 397.3 apiece respectively. These three are Adani's most valued firms in terms of market share.

Further, Adani Energy Solutions rallied by 3.6% with an intraday high of Rs 863, and Adani Green Energy zoomed by 2.4% with an intraday high of Rs 1,025 apiece. Adani Total Gas and Adani Wilmar advanced by 4.3% and 3.7% with an intraday high of Rs 672.6 apiece and Rs 367.85 apiece respectively.

Cement stocks like Ambuja Cements jumped by 2.5% with an intraday high of Rs 449.85 apiece, and ACC climbed 2.1% with an intraday high of Rs 2,066.2 apiece.

Finally, the media stock, NDTV rallied the most by 10% with an intraday high of Rs 234.2 apiece.

Billionaire Gautam Adani-backed promoter has picked up stakes in its two largest firms, Adani Enterprises and Adani Ports.

> From August 21 and September 7, the promoter group raised its stake by
2.06% in flagship Adani Enterprises to 71.93% from 69.87%. This becomes the second increase in less than a month in Adani Enterprises by the promoters.

Further, the promoter group hiked stakes in Adani Ports and Special Economic Zone by around 2.17% to 65.23% from 63.06%. Notably, under the promoter group, Resurgent Trade and Investment and Emerging Market Investment DMCC purchased around 1% and 1.2% stake in the open market in Adani Ports.

Adani stocks have been raising billions of dollars since March 2023.

Last month, Kempas Trade and Investment acquired Adani Enterprises from August 7th to 18th, leading up to a 2.22% stake purchase in the company via the open market. Meanwhile, US-based boutique investment firm GQG Partners has made one of the largest buying in the history of the Indian market via the open market, and that too in Adani shares.

> From the total 10 Adani stocks, GQG alone has increased its stake in
five of them since March 2023. The first tranche of investment was Rs 15,446 crore ($1.87 billion) by GQG in four Adani shares in March. The leading US-based Global Equity investment boutique bought Rs 5,460 worth of shares in Adani Enterprises, Rs 5,282 crore shares in Adani Ports, Rs 1,898 crore shares in Adani Total Gas, and Rs 2,806 crore investment in Adani Green Energy during March.

In another development, Adani Global Pte. Ltd., Singapore, a step-down wholly-owned subsidiary of Adani Enterprises, signed a Joint Venture Agreement with Kowa Holdings Asia on September 8, 2023. The JV will be engaged in the sales and marketing of green ammonia, green hydrogen and its derivatives produced and supplied by Adani Group, in the agreed territory.

Adani shares are recovering from the mind-boggling report of US short seller Hindenburg on the back of strong deals and expansion plans. Adani-backed firms held a cumulative market value of Rs 11,03,090.77 crore as of September 8, 2023. Before Hindenburg's shocking report in late January, the market cap of Adani Group firms stood at approximately Rs 19 lakh crore.

On August 30, exclusive documents obtained by OCCRP stated how hundreds of millions of dollars were invested in publicly traded Adani stock through opaque investment funds based in the island nation of Mauritius.

However, the port-to-power empire categorically rejected these recycled allegations.

Adani stocks and the group are currently under the radar of the Supreme Court due to Hindenburg's allegations. Hindenburg in a bombshell report on January 24, accused Adani Group of brazen stock manipulation and accounting fraud scheme over the course of decades. Adani Group has denied Hindenburg's allegations as well.