Adani Group Stocks Continue To Rise; No Sustained Selling After OCCRP Report
Most Adani Group stocks advanced on Monday, despite allegations of 'opaque' trading on the group by a report released by OCCRP last week.
While the report had initially prompted market reaction, no sustained selling in Adani Group stocks was observed.
Six out of the 10 Adani Group stocks ended higher in trade on Sept. 4. Adani Power Ltd. saw the highest gain at 4.51%, followed by ACC Ltd., which was up 2.46%. Adani Energy Solutions Ltd. fell the most, closing at negative 1.09%.
The total market capitalisation of all the stocks in the Adani Group has grown by Rs 24,100.4 crore, since close of markets on Aug. 31.
The Adani Group has called the OCCRP report "rehashed" allegations that were reported and clarified earlier.
The new allegations are just a "hit in the dark", and the asset quality and security of cash flows within various Adani-owned companies are remarkable, according to Vinit Bolinjkar, head of equity research at Ventura Securities Ltd.
The fundamentals and news flow from Adani companies will drive its growth story going forward, he told BQ Prime in an interview.
The Adani Group is engaged in need-based businesses and serves as a proxy for India's growth, he said. For instance, Adani Green Energy Ltd. operates in the expanding green energy sector, while Adani Energy Solutions transports green energy. Adani Enterprises Ltd. participates in copper and coal businesses.
Ambuja Cement Ltd.'s recent acquisition of cement and cement-based product manufacturer Sanghi Industries Ltd. shows that the company has cash flows and capability to acquire funds, Bolinjkar said.
Apart from this, Adani Power's proposed Rs 4,000-crore capital expenditure demonstrates its capability to secure long-term financing, according to him.
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