Adani Group stocks climbed in morning trade
Shares of Adani Group firms were trading in the positive territory in morning trade on Thursday amid a rally in the broader market. Adani Enterprises stock climbed 5.36 per cent, Adani Wilmar jumped 5 per cent, Adani Transmission (4.99 per cent), Adani Green Energy (4.99 per cent), Adani Total Gas (4.99 per cent) and NDTV (4.99 per cent) on the BSE.
Shares of Adani Power jumped 4.97 per cent, Adani Ports advanced 3.82 per cent, Ambuja Cements (2.80 per cent), and Associated Cement Companies (2.11 per cent). Adani Total Gas shares, however, pared all early gains and were trading 3.29 per cent lower. The BSE Sensex quoted 355.44 points higher at 61,630.53. Most of Adani group stocks ended higher on Wednesday.
Adani Enterprises announced an increase in profit earlier on Monday, reporting Rs. 820.06 crores in the third quarter of the current fiscal, up from Rs. 11.63 crores in the same period last year. Its profit increased by almost 42% to Rs. 26,61233 billion.
Billionaire Gautam Adani’s embattled conglomerate said that its balance sheet is “very healthy” and is laser-focused on continuing business momentum, as it looked to reassure investors to keep faith in the group despite a share rout triggered by a damning report by a US short-seller.
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Group CFO Jugeshinder (Robbie) Singh in an earnings call said the group is confident of its internal controls, compliance, and corporate governance. “Our balance sheet is very healthy. We have industry-leading development capabilities, strong corporate governance, secure assets, and strong cash flows,” Singh said.
The group has been under pressure since the Hindenburg Research on January 24 accused it of accounting fraud and stock manipulation, allegations that the conglomerate has denied as “malicious”, “baseless” and a “calculated attack on India”. Listed companies of the group have lost over USD 125 billion in market value in three weeks.
