Shares of Adani Group companies are rallying in Tuesday’s trade. The flagship firm of the Adani Group, Adani Enterprises, rose 8.8% to an intra-day high of Rs 2,422.90 after a massive correction in the previous session. Adani Power skyrocketed 19.2% to touch an intra-day high of Rs 536.20, slightly away from the 20% upper circuit level.
The intra-day rally on January 14 is primarily on the back of market buzz that the Adani’s may get a clean chit in the US bribery case once US President-elect Donald Trump takes over. However, there is no official statement or confirmation and this is purely market buzz.
Power Play! Adani Power sees strong rally
Adani Power is seeing a huge rally intra-day. However, the stock is still 67% away from its 52-week high of Rs 895.85. The stock touched its 52-week low of Rs 432 on November 21, 2024. The fall in stock price in November came after the group’s chairman Gautam Adani was indicted along with other associates in a bribery and forgery case.
Adani Group chairman Gautam Adani, his nephew Sagar Adani, and six others were indicted by the US prosecutor in New York for allegedly offering bribes worth Rs 2,029 crore to Indian government officials. These bribes were offered to secure “lucrative solar energy supply contracts.”
Adani Energy Solutions up 14% intra-day
Adani Energy Solutions rallied 14.4% to Rs 787.70, intra-day. Adani Energy Solutions is one of the largest players in the power transmission sector in India. Today’s spurt in stock prices pared the loss of the last five trading sessions. However, the stock has fallen more than 4% in the last one month and 23% in the last six months.
Adani Green Energy soars 14% intra-day
Shares of Adan Green Energy rose 14% to as much as Rs 1,013.75, intra-day. However, the stock is still more than 114% away from its 52-week high of Rs 2,174.10. The stock has given a return of 1.5% in the last five trading sessions. However, it has fallen almost 14% in the past one month and erased investors’ wealth by 42% in the previous six months.
Buying seen across Adani Group stocks
Other Adani Group stocks like ACC, Adani Ports, Adani Total Gas, Adani Wilmar, Ambuja Cement,
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