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Adani Group Becomes the Star of the Stock Market

The Adani Group dominated Tuesdayu2019s (5th Decu201923) stock market gains, accounting for over 65% of the total gains made by its ten listed companies. The spike also nearly reversed the losses on the ten stocks since the shocking Hindenburg report Adani in January. Investors in Adani Group companies noticed their wealth increase by u20b91.9 trillion on a day when the market saw gains of u20b92.9 trillion, the largest one-day increase in the infrastructure conglomerateu2019s value.

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Adani Group Becomes the Star of the Stock Market

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  1. Adani Group Becomes the Star of the Stock Market

  2. The Adani Group dominated Tuesday’s (5th Dec’23) stock market gains, accounting for over 65% of the total gains made by its ten listed companies. The spike also nearly reversed the losses on the ten stocks since the shocking Hindenburg report Adani in January. Investors in Adani Group companies noticed their wealth increase by ₹1.9 trillion on a day when the market saw gains of ₹2.9 trillion, the largest one-day increase in the infrastructure conglomerate’s value.

  3. Adani Group in A Favourable Position After Hindenburg report Adani on January 24 severely criticized its stocks, the Gautam Adani-led infrastructure conglomerate temporarily became capex-cautious. The Group, raised $1.36 billion on Tuesday from a group of eight foreign lenders for its renewables division, Adani Green Energy, which is preparing a 45 GW project through a mega-project in Khavda, Gujarat. Adani borrowed $3.5 billion just six weeks prior to refinancing its acquisitions of Ambuja Cements Ltd. and ACC Ltd., two cement companies. Recent events in the Adani Group’s favour led to a strategy shift for the Group.

  4. GQG Partners’ Trust in Adani Group The US-based boutique asset manager GQG Partners Llc, led by Rajiv Jain, entered the Adani group on March 2 at a historic low and has since become the largest beneficiary of Adani’s most recent expansion. Since March, GQG Partners has invested at least ₹37,440 crore in five Adani group companies; the most recent bulk purchase, for ₹8,811 crore, was made in Adani Power on August 16. The value of GQG Partners’ stake in Adani Group as of Tuesday was ₹64,648.74 crore.

  5. DFC (Development Finance Corp.) Calls Hindenburg Accusations Irrelevant After conducting a due diligence investigation into the Adani Group, the US International Development Finance Corp. (or DFC) was satisfied that the accusations in the Hindenburg report Adani, which accused the Group of pulling off “the largest con in corporate history,” didn’t apply to Adani Ports & Special Economic Zone Ltd., which recently received funding commitment for a project in Sri Lanka, according to a Bloomberg report on Tuesday.

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