Adani Group Stock Surges Post Supreme Court Decision

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Table of Contents

Introduction

In a surprising turn of events, Adani group shares experienced a remarkable surge in the stock market, especially following the recent Supreme Court hearing on the Adani-Hindenburg case. This article delves into the intricate details of this significant development, covering the surge in various Adani stocks, expert opinions, and the current status of the Securities and Exchange Board of India’s (SEBI) investigation.

Adani Power’s Record High and Intriguing Upside Movement

Adani Power shares today witnessed a compelling upside, opening with a remarkable surge and achieving a new all-time high of ₹428 per share on NSE. This unexpected movement set the tone for the entire Adani group.

Adani Ports’ Intraday Gain and Upside Momentum

Adani Ports share price today displayed an upside opening, hitting an intraday high of ₹826 per share on NSE. This translated to nearly a 4% intraday gain compared to the previous Friday’s close of ₹795.55 per share.

Flagship Adani Enterprises’ Rapid Rise

The flagship stock of the Adani group, Adani Enterprises, opened with an upside gap, swiftly touching an intraday high of ₹2,374.90 apiece within minutes of the stock market’s opening bell today.

Adani Total’s Impressive Ascendancy

Adani Total share price today opened with an upside gap at ₹550 per share levels and went on to hit an impressive intraday high of ₹642 apiece, showcasing an ascent of more than 15% during Tuesday deals.

Adani Energy Solutions and Adani Green Energy’s Surge

Adani Energy Solutions witnessed an ascent of over 13% during morning deals, while Adani Green Energy shot up over 7.50% in the early morning session on Tuesday. Other Adani group stocks were also trading positively during this early session.

Expert Opinions on the Surge

Market expert Avinash Gorakshkar, Head of Research at Profitmart Securities, attributed the rise in Adani shares to the recent Supreme Court hearing on the Adani-Hindenburg case. He emphasized that the Supreme Court expressed confidence in SEBI’s probe on Hindenburg Research’s allegations, providing reassurance to stock market bulls.

However, Gorakshkar cautioned that the surge is driven by sentiment, and profit booking could trigger a downturn. Investors are advised to consider booking profits and exiting strategically to mitigate potential downside risks.

SEBI’s Update on the Investigation

The Securities and Exchange Board of India (SEBI) informed the Supreme Court that it does not require additional time to complete its investigation into the Adani-Hindenburg row. Out of the 24 cases related to the Hindenburg matter, 22 have already been resolved. The remaining aspects of the probe hinge on data from foreign regulatory bodies.

The apex court, led by Chief Justice D. Chandrachud, has concluded hearings on several petitions demanding an inquiry into the Adani-Hindenburg matter and requested written submissions by today.

Adabni-Hindenburg Row: Addressing FAQs

What led to the sharp upside movement in Adani shares?

The surge in Adani shares can be attributed to the recent Supreme Court hearing on the Adani-Hindenburg case. The court expressed confidence in SEBI’s probe, boosting investor sentiment.

Should investors be concerned about a potential downturn?

Market expert Avinash Gorakshkar advises caution, highlighting that the current rise is sentimental. Profit booking may trigger a downside movement, and investors are urged to book profits strategically.

What is the current status of SEBI’s investigation?

SEBI has stated that it does not require additional time to complete its investigation into the Adani-Hindenburg row. Of the 24 cases related to the Hindenburg matter, 22 have been resolved, with the remaining aspects depending on data from foreign regulatory bodies.

How did Adani group stocks perform during the recent market session?

Apart from Adani Power and Adani Ports, other group stocks like Adani Enterprises, Adani Total, Adani Energy Solutions, and Adani Green Energy also witnessed positive trading during the early morning session.

What is the significance of the Supreme Court’s verdict reservation?

The Supreme Court’s reservation of its verdict in a batch of PILs seeking a Court-monitored investigation indicates a pivotal moment in the Adani-Hindenburg case. Investors are keenly awaiting the final decision that could impact the trajectory of Adani group shares.

Is the rise in Adani shares sustainable in the long term?

Market experts suggest that the current rise is largely sentimental. While the Supreme Court’s confidence in SEBI’s probe has bolstered investor confidence, the sustainability of this surge depends on various factors, including the final verdict.

Conclusion

The Adabni-Hindenburg row has set the stage for a captivating saga in the stock market. The unexpected surge in Adani group shares, coupled with the Supreme Court’s reserved verdict and SEBI’s confident stance, adds an intriguing layer to this financial narrative. Investors are advised to stay vigilant, considering the dynamic nature of the market and the potential impact of the awaited Supreme Court decision.