From Adani Total Gas To Adani Ent All Adani Shares Are Trading Higher Today, Surging Up To 20%; Here's Why

Adani group stocks saw positive trading on Tuesday, posting up to 20% gains in today's early morning trade. At one point during the day, the share price of Adani Total Gas gained 19.62% to hit a day high of Rs 642.10.

At 10:24 am IST on Tuesday, Adani Enterprises shares were up 5.90% at Rs 2362.00. In the intraday trading, the stock of Adani Enterprises saw a spurt in volume by over 5.34 times. Meanwhile, the share price of Adani Ports And Special Economic Zone Ltd was up 3.07% at 10:25 am IST. On Tuesday, Adani Ports shares also saw an intraday spurt in volume by more than 5.32 times.

Meanwhile, other Adani group stocks including Adani Power, Adani Wilmar, Adani Green Energy, and Adani Energy Solutions also traded higher today. There are multiple factors that have led to the recent rally in the shares of Adani group companies.

Last week, the Supreme Court (SC) ended hearings on several petitions demanding a probe into the Adani-Hindenburg case where the market regulator Securities and Exchange Board of India (SEBI) informed the apex court that it does not need extra time to complete its investigation into the Gautam Adani-led Indian conglomerate with 22 of the 24 cases concerning Hindenburg case already resolved.

Meanwhile, on Monday, the group also issued a clarification on nefarious attempts to link it to the unfortunate collapse of a tunnel in Uttarakhand. The group said, "It has come to our notice that some elements are making nefarious attempts to link us to the unfortunate collapse of a tunnel in Uttarakhand. We strongly condemn these attempts and those behind them."

The group emphasized that the Adani group or any of its subsidiaries has no direct or indirect involvement of any kind in the tunnel's construction.

In today's trading, Adani Total Gas Ltd emerged as the top gainer as it was up over 16% at Rs 624.10 at 10:50 am IST. Adani Total Gas shares saw a spurt in volume by more than 5.81 times today.

Adani Energy Solutions shares were up 12% at Rs 814.30 at 10:51 am IST. The stock saw a spurt in volume by more than 13.08 times. Adani Green Energy shares soared 6.88% to 1001.90 early trade at 10:53 am IST today. Adani Power surged 7.24% to Rs 425.65.

Meanwhile, the share price of Adani Wilmar gained 6.45% at Rs 337.35 per share in today's intraday trading.
On January 24 this year, the US short-seller Hindenburg Research published a report wherein it accused the Gautam Adani-led Adani Group of engaging in fraudulent activities including stock price manipulation. The Indian conglomerate has denied all the charges vehemently and termed them baseless. The investigation into the matter is still underway.

One should note that, in Q2FY24, 7 of the 10 listed Adani Group companies reported growth in net profit.