The share price of Adani Group companies increased by up to 14% for the third consecutive day.
In Friday morning trading, the share price of Adani Green Energy Ltd. led the gains, increasing by 14%. The price of Adani Total Energy Solutions Ltd.’s stock likewise increased by 12%. The share prices of Adani Power and Adani Total Gas increased by about 5% and 5%, respectively.
The share prices of Adani Enterprises, Adani Ports, Adani Wilmar, and the Special Economic Zone all saw increases of up to 3%.
Another well-known addition to the group was New Delhi Televisions Ltd. (NDTV). The share prices of Ambuja Cements Ltd. and ACC Ltd. increased by up to 3%, while NDTV’s price increased by up to 5%.
Shares of the Adani firm have been increasing since Adani Green clarified and denied bribery allegations against firm chairman Gautam Adani and other US officials.
Other groups have also supported the Adani group and kept their outlook.
The International Holding Company (IHC), the investment arm of Abu Dhabi’s ruling family, was the second major investor after CQG Partners to reaffirm their faith in the Adani group after US federal authorities indicted Gautam Adani and others for allegedly bribing Indian government officials. The news reports further state that Tanzania and the Sri Lankan Port Authority have confirmed their support for the Adani group.
In the meantime, the shares of the Adani group have benefited from several corporate changes.
Adani Green Energy Ltd. notified the stock exchanges that on November 27, 2024, Adani Saur Urja (KA) Limited, a wholly-owned subsidiary of the company, registered Adani Hydro Energy One Limited as a wholly-owned subsidiary. The certificate of incorporation was obtained on November 28, 2024.
The planned acquisition of a 74% share in Cococart Ventures Private Limited (“CVPL”) has also been finalized by Adani Airport Holdings Limited (“AAHL”), a fully owned subsidiary of Adani Enterprises.
