Adani Group Stocks Outperform Falling Market With Brooklyn US Attorney To Resign
The rise in Adani stocks followed reports that Brooklyn US Attorney Breon Peace, the federal prosecutor in case against Adani Group in US, will step down on Jan. 10.
Most Adani Group stocks started the day on a higher note as Indian benchmarks continued their downward movement after a muted start on Friday.
Ten out of 11 listed stocks in the pack rose in the range of 0.02% to 2.82%. The 11 stocks of the ports-to-power conglomerate added Rs 18,775 crore to investors' wealth, as market cap between them rose to Rs 13.13 lakh crore.
The rally follows Brooklyn US Attorney Breon Peace's decision to step down on Jan. 10. He is the federal prosecutor behind the indictment of Adani Group executives in a bribery case in the US, which the ports-to-power conglomerate has strongly denied.
Last week, Adani stocks had gained following the news of FBI Director Chris Wray resigning from office early next year after US President-elect Donald Trump had replaced him with Kash Patel.
Adani-owned energy stocks led the rise on Friday morning. Adani Power Ltd. was the highest gainer among Adani Group stocks, with a rise of 2.82% as of 9:39 a.m., while Adani Green Energy Ltd., the renewables arm of the conglomerate, was 2.55% higher.
Earlier this week, the Bombay High Court dismissed a plea challenging the power supply contract of Adani Group, and imposed a cost of Rs 50,000 on the petitioner for the "unsubstantiated and reckless" petition.
On Dec. 12, Adani Green Energy, through a step-down subsidiary, commissioned a 250 MW solar power project at Badi Sid, Jodhpur district in Rajasthan. Late last week, the company had incorporated four subsidiaries to generate and supply renewable energy.
Nifty members, Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd., were trading 1.28% and 0.58% higher, respectively.
In November, Adani Ports handled the highest 396 vessels, and 845 vessel movements at its flagship Mundra Port in November, marking the highest monthly record.
Meanwhile, Sensex fell 230 points to 78,988.05 and Nifty dropped almost 0.27% to 23,887.90 within first few minutes of trade, before paring losses. As of 9:38 a.m., both stock gauges were trading 0.2% higher.
Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
