 29_12_23 (1).jpg?downsize=773:435 "Adani Group Stocks Continue To Rally After SEBI Clean Chit")
- Shares of Adani Group cos continued to rise after SEBI's clean chit on allegations by Hindenburg Research
- SEBI found no evidence of wrongdoing by Adani Ports, Adani Power, and Adani Enterprises
- Jefferies has maintained a bullish stance on Adani Enterprises, citing renewable projects and SEBI clearance
Shares of Adani Group companies continued its impressive rally in Monday's trade, after the Securities & Exchange Board of India handed a clean chit to the group last week, finding no evidence of allegations made by Hindenburg Research.
The regulator, in its final report, imposed no penalty and cleared Adani Ports & Special Economic Zone Ltd., Adani Power Ltd., and Adani Enterprises Ltd. of any liabilities. Adani Group Chairperson Gautam Adani and Adani Enterprises Managing Director Rajesh Adani were also cleared of any wrongdoings.
In addition, SEBI reported no liabilities were also found on Jugeshinder Singh either, as well as Milestone Tradelinks Pvt. Ltd. and Rehvar Infrastructure Pvt. Ltd.
As per the SEBI order, no violation was found on account of related-party transactions. The market watchdog also found no manipulative transactions or unfair trade practices.
This served as a great impetus for the shares of Adani Group companies, all of which saw a strong rally on Friday.
Rally In Adani Stocks Continue
Photo: NDTV Profit
The strong uptrend in Adani Group companies continued on Monday, with almost all stocks trading with gains.
Adani Power was the leader of the pack, with gains of over 16%, but it is worth noting that the stock is trading ex-date for a stock split.
Adani Green and Adani Total Gas are the highest gainers with uptick of more than 3.5%.
Adani Enterprises is also trading with gains of up to 3%, which comes on the back of a Jefferies note that has maintained a bullish call on the counter.
Jefferies pointed out Adani Group's strong renewable pipeline, Navi Mumbai airport launch and SEBI clean chit as key positives for the company.
This upsurge compares to Nifty and Sensex, the two benchmark indices, which are trading flat.
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