In a significant development for the Adani Group, all its listed stocks witnessed substantial gains, after US President Donald Trump signed an executive order to ease the enforcement of the Foreign Corrupt Practices Act.
The most notable gainer was Adani Enterprises Ltd., which saw a 4.28% advance in its stock price. Following closely was Adani Power Ltd., which rose 4.17% to Rs 511.90 apiece. Adani Green Energy Ltd. was the third top gainer, as it jumped 3.34% to Rs 985.90 apiece.
New Delhi Television Ltd.'s share price also rose 3.84% to Rs 145 apiece. While, Adani Energy Solutions Ltd., Adani Total Gas Ltd., and Adani Ports and Special Economic Zone Ltd. shares were also up.
US President Donald Trump has signed an executive order to halt the enforcement of a law that prohibits US companies from bribing foreign officials, claiming that the restriction disadvantages American firms.
Trump has directed Attorney General Pam Bondi to suspend actions under the Foreign Corrupt Practices Act, until she establishes new enforcement guidelines, as outlined in a fact sheet on the executive order. Additionally, all current and past actions under the FCPA will be reviewed, as per Bloomberg.
The FCPA forbids any company or individual with US ties from offering money or gifts to foreign officials to secure business overseas. Trump had considered eliminating the law during his first term.
“US companies are harmed by FCPA overenforcement because they are prohibited from engaging in practices common among international competitors, creating an uneven playing field,” the fact sheet said.
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