Adani Enterprises Jumps Nearly 18% In Morning Trade As Stock Buying Continues
All Adani Group stocks extended their rally, with Adani Enterprises climbing nearly 18 per cent this morning, after a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies while a separate probe by markets regulator SEBI also drawing a blank.
The stock of Adani Enterprises zoomed 17.65 per cent on the Bombay Stock Exchange or BSE.
Shares of Adani Wilmar jumped 9.99 per cent, Adani Ports gained 7.71 per cent, Adani Power climbed 5 per cent, Adani Transmission (5 per cent), Adani Green (5 per cent), Adani Total Gas (5 per cent) and NDTV (4.99 per cent).
The stock of Ambuja Cements jumped 4 per cent and ACC climbed 2.87 per cent.
Some group stocks also hit their upper circuit limits during the morning trade.
In the equity market, the 30-share BSE benchmark climbed 238.21 points or 0.38 per cent to quote at 62,201.89 in morning trade.
Adani Group stocks have been rallying since Friday.
The committee, headed by former Supreme Court judge Justice AM Sapre, in its 173-page report, said that based on the data from Securities and Exchange Board of India (SEBI), it saw "no evident pattern of manipulation" in the steep stock price rise in billionaire Gautam Adani's companies that can be attributed to "any single entity or group of connected entities".
It was not possible to conclude whether there had been regulatory failures regarding price manipulations, the Supreme Court-appointed panel said in the report.
"Adani stocks have rallied in response to the Supreme Court expert panel's remark that "at this stage, taking into account the explanations provided by SEBI, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation," it said.
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