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Adani Group Stocks Surge: Adani Ports Up 6% - Business News

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By Rediff Money Desk, New Delhi   Dec 03, 2024 17:50

Shares of seven Adani Group companies ended higher on Tuesday, with Adani Ports leading the gains. Bernstein says the group is in a stronger financial position now.
Adani Group Stocks Surge: Adani Ports Up 6% - Business News
Photograph: Amir Cohen/Reuters
New Delhi, Dec 3 (PTI) Shares of seven Adani Group firms ended in the green on Tuesday, with Adani Ports surging 6 per cent, emerging as the biggest gainer among the Sensex and Nifty firms.

The stock of Adani Ports surged 6.02 per cent, Ambuja Cements soared 5.15 per cent, ACC (2.56 per cent), Adani Enterprises (2.33 per cent), Sanghi Industries (2.09 per cent), Adani Wilmar (1.19 per cent) and NDTV (0.45 per cent) on the BSE.

However, shares of Adani Green Energy went lower by 1.17 per cent, Adani Power dipped 0.87 per cent, Adani Total Gas (0.83 per cent) and Adani Energy Solutions (0.60 per cent).

The BSE benchmark Sensex jumped 597.67 points or 0.74 per cent to settle at 80,845.75 and the NSE Nifty went up by 181.10 points or 0.75 per cent to 24,457.15.

Ports-to-energy Adani Group is better off financially now than at the time when it was under attack from short-seller Hindenburg, US-based research firm Bernstein said citing dramatic drop in shares pledged by promoters and low leverage.

The last big event for the group was in January 2023 when Hindenburg accused it of accounting and financial fraud, and the latest one happened on November 21 when US authorities filed an indictment against the founder chairman of the conglomerate Gautam Adani and key aides in a bribery related case.

Adani Group had repeatedly denied all charges in the Hindenburg report as well as the ones brought by the US authorities last month.

Bernstein in a report said it is presenting a top-down view on how the group's leverage, share-pledges, debt-repayment and relative valuations have evolved in the last two years to assess whether the risks are lower than earlier.

The group is now in a much stronger position with no share-pledges, low leverage, debt repayments and improved valuations.

"If we look at the evolution of share pledges for the group, there has been a dramatic drop across companies -- this is one area where the group has taken significant action over the last 1.5 year," Bernstein said.
Source: PTI
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