Adani Group companies continued their strong performance in the stock market, with shares rising by up to 14% for the third consecutive day. Leading the gains was Adani Green Energy Ltd, whose share price surged by 14% during Friday’s morning trade. Adani Total Energy Solutions Ltd followed closely with a 12% rise, while Adani Total Gas and Adani Power saw gains of up to 5%. Other group companies, including Adani Enterprises, Adani Ports and Special Economic Zone, and Adani Wilmar, also recorded increases of up to 3%.
Among the group’s media and cement subsidiaries, New Delhi Television Ltd (NDTV) stood out with a 5% gain, while Ambuja Cements Ltd and ACC Ltd shares climbed by up to 3%.
The surge in Adani Group shares follows a clarification issued by Adani Green Energy Ltd, which dismissed bribery allegations against group chairman Gautam Adani and other officials in the United States. This clarification helped restore investor confidence. Adding to the momentum, several key investors and global organizations reaffirmed their support for the group. The International Holding Company (IHC), the investment arm of Abu Dhabi’s ruling family, became the second major investor, after CQG Partners, to express confidence in the group. Additionally, entities such as the Sri Lankan Port Authority and Tanzania have also backed the Adani Group, according to recent reports.
Corporate developments further contributed to the positive sentiment. Adani Green Energy Ltd announced the incorporation of a wholly-owned subsidiary, Adani Hydro Energy One Ltd, under its subsidiary Adani Saur Urja (KA) Ltd on November 27, 2024, with the certificate of incorporation received on November 28, 2024. Similarly, Adani Airport Holdings Ltd (AAHL), a wholly-owned subsidiary of Adani Enterprises, successfully completed the acquisition of a 74% stake in Cococart Ventures Private Ltd (CVPL).
These developments, along with strong investor backing and corporate progress, have fueled the continued rally in Adani Group shares.
