HomeWorldAdani Enterprises and Adani Ports are among the top gainers on the...

Adani Enterprises and Adani Ports are among the top gainers on the stock market

On Monday, all seven stocks of Adani Group were trading in green. After that, the Supreme Court (SC)-appointed panel looking into the allegation made by Hindenburg Research on Friday found no evidence of a ‘regulatory failure’ by the Market Securities and Exchange Board of India (SEBI).

Adani enterprises, Adani ports, and special economic zones gain over 14%, and nearly 10% become top gainers on the Nifty 50. Adani Total Gas, Adani Green Energy, Adani Transmission, and Adani Green Energy gain 5% each with a fixed 5% upper limit,and Adani Wilmer up to 10%. The capitalization of Adani Group increased by 50% from a low of Rs 6.8 lakh in February. Present capitalization is at Rs 10 lakh crore on January 20, 2023.

The SC established to examine regulatory issues in the Adani case turned in a final report. The committee’s task is to find out why the regulatory failure occurred, not to determine whether the price increase in Adani stock was justified.

SEBI said in the briefing requested by the committee, putting the point that Adani Group scrips under surveillance measures, that it had not found any proof against Adani Group.

The regulator claimed that the stock would follow the movement of Adani equities for four reasons: two of them found before the release of the Hindenburg Report and another two found after the report’s publication on January 25. According to media reports, the Adani Group is working on the potential sale of real estate holdings that are considered non-core to its business.

Adani Total Gas has shown the initial signs of support since going on a loss for 4 months. On daily reading, the stock has formed a positive pillar, but the base structure is still weak as the stock is under the lower high and lower sequence and trading below.

Latest news

Related news