Adani Group Stock Update: Adani Group shares saw a significant jump in early trade on Monday, with 9 out of 10 shares of the group trading in the green. The sharp rise in Sensex and Nifty had a positive impact on Adani Energy Solutions, which recorded a rise of around 7 per cent. At the same time, Adani Green Energy shares rose 6.42 percent, Adani Total Gas shares rose 5.33 percent, Adani Ports shares rose 4.64 percent and Adani Power shares they rose 4.17 percent.
On BSE, shares of Adani Enterprises rose by 4 per cent, shares of Adani Wilmar by 3.23 per cent, shares of ACC by 3 per cent and shares of Ambuja Cements by 2.71 per cent. However, NDTV shares fell 2 percent. The initial rally was followed by a profit booking, which reduced the initial gains of many stocks.
Sharp fall in Adani shares
Adani Group shares fell sharply last week due to lawsuits related to bribery and fraud in the United States. Following the US accusations, the Kenyan government also canceled a deal worth more than $2.5 billion with the Adani Group. On Saturday, Adani Group issued a clarification saying it had not signed any binding agreement to operate Kenya’s main airport.
Adani Group’s agreement with Kenya canceled
Last month, Adani Group signed an agreement to build and operate power transmission lines in Kenya for 30 years. However, the group said the project does not fall under Sebi’s disclosure norms, so its cancellation does not require disclosure.
Stock Markets Explained
The stock exchanges had sent a notice to the Adani Group seeking clarification on the news that Kenyan President William Ruto had canceled the acquisition process. In its response, Adani Group clarified the position. If the deal went through, Adani Group was expected to gain control of Kenya’s main airport.
Adani Group suspended its plans to raise funds through bonds, following lawsuits related to bribery and fraud in the United States. Addressing concerns, Adani Group assured investors that its financial position remains strong and there is no immediate need for external debt. The group highlighted its strong profits and cash flows, highlighting that its growth is sustainable without taking on additional debt.
