Adani Group Stocks Surge Amid Equity Market Rally; NDTV Shares Slip

The surge comes amid the Adani Group's clarification on reports concerning Kenya's cancellation of deals worth over $2.5 billion following a US indictment on bribery charges

Adani Energy Solutions saw its stock rise by 6.89 per cent, while Adani Green Energy climbed 6.42 per cent.

Source : AGEL

Nine of the 10 listed Adani Group firms saw a strong surge in morning trade on Monday, aligning with a broader rally in the equity markets. Adani Energy Solutions led the gains with a nearly 7 per cent jump on the BSE.

Adani Energy Solutions saw its stock rise by 6.89 per cent, while Adani Green Energy climbed 6.42 per cent. Other significant gainers included Adani Total Gas, which advanced 5.33 per cent, Adani Ports up 4.64 per cent, and Adani Power, which gained 4.17 per cent.

Shares of Adani Enterprises, the flagship company of the conglomerate, rose by 4 per cent. Adani Wilmar gained 3.23 per cent, ACC added 3 per cent, and Ambuja Cements increased by 2.71 per cent. In contrast, NDTV shares declined by 2 per cent during the session.

The rally in Adani stocks mirrored the broader market performance, with the BSE benchmark Sensex soaring 1,330.17 points to 80,447.28 and the NSE Nifty surging 438 points to 24,345.25 in early trading.

The surge comes amid the Adani Group's clarification on reports concerning Kenya's cancellation of deals worth over $2.5 billion following a US indictment on bribery charges. The group stated that it had not entered into any binding agreements to operate Kenya's main airport.

In a statement issued on Saturday, the group addressed its involvement in a pact to build and operate electricity transmission lines in Kenya for 30 years, asserting that the project's cancellation did not necessitate disclosure under the Securities and Exchange Board of India (SEBI) regulations.

The group was responding to queries from stock exchanges after Kenyan President William Ruto reportedly ordered the cancellation of a procurement process linked to the management of the country’s main airport.

Adani Enterprises Ltd, which oversees the group's airport business, disclosed that while it had set up a subsidiary in Kenya in August to modernize and manage airports, no binding or definitive agreements had been signed.

"While the company was in discussion with the relevant authority for the said project, till date neither the company nor its subsidiaries have been awarded any airport project in Kenya or entered into any binding or definitive agreement in connection with any airport in Kenya," the company clarified.

The strong performance of Adani stocks reflects investor optimism amid a positive equity market environment. However, the developments around the group's international ventures will continue to draw attention.