This Adani Stock Has Gained Over 30% In Just Two Days; What Is Supporting This Rally?

The share price of one Adani group company - Adani Total Gas has gained over 30% in the last two days. Today, Adani Total Gas shares were seen trading 12:85% higher at Rs 727.00 per share at 12:44 pm IST. The stock has seen a spurt in volume by over 4.59 times.

One must note that so far this week has turned out to be the best one for Gautam Adani-led companies after the publication of the Hindenburg Research report on January 24 this year, as the group stocks surged up to 20% on Tuesday.

Almost all Adani stocks rallied in the previous trading session where the Adani Total Gas stock posted the highest gains as it settled 20% higher at Rs. 644.15 per share. On Tuesday, the stock touched the upper circuit at Rs. 644.15. Yesterday's rally in shares of different Adani companies added over $15 billion to the market value of Adani Group.

In today's intraday trading session, Adani group stocks rallied up to 14% at one point. The continuous rally in shares of Adani group firms indicates that investors are pleased with the Supreme Court's observations on SEBI's probe against the group. The apex court's stance has reignited the interest of interest on investors in Adani group companies it seems.

Last week, in its latest hearing the Supreme Court reserved its order on a batch of petitions concerning the Adani-Hindenburg row. The top court noted that it had no reason to "discredit" market regulator Securities and Exchange Board of India's (Sebi) investigation against the Indian conglomerate.

The court said that it does not have to treat what was stated in the Hindenburg report as a "true state of affairs". The SC bench also observed that it cannot ask a statutory regulator to take as a "gospel truth" something which was published in the media.

It is also worth mentioning that, Adani Total Gas Ltd (ATGL) said on November 28 that it has initiated the 'Green Hydrogen Production and Blending Pilot Project'. The company said that as part of the project, ATGL will employ the latest technologies to blend Green Hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers in Ahmedabad, Gujarat.

The project is expected to be commissioned by Q1 FY24-25 and the percentage of green hydrogen will be gradually increased in the blend to up to 8% or more, depending on regulatory approvals. After successfully completing the pilot, hydrogen blended fuel will be supplied stepwise to larger parts of the city and other license areas of AGTL. As per studies, an up to 8% hydrogen blend can reduce emissions by up to 4%.

Adani Enterprises, Adani Energy Solutions, Adani Power, Adani Ports: How are these Adani shares performing today?

Today, the share price of Adani Energy Solutions was up over 4% at Rs 902.95 per share at 1.24 pm IST.
Shares of Adani Enterprises and Adani Ports and Special Economic Zone gained were up almost 1% at around 10 am. Adani Power and Adani Wilmar shares also edged higher in the morning session. However, as the day passed by few Aani group stock gave up morning gains and traded a tad lower in the afternoon trade.