Adani Enterprises, Adani Ports were top gainers on Nifty. What’s driving the rally?

Adani Total Gas, Adani Green Energy, Adani Transmission, and Adani Green Energy were up 5% each, hitting the upper limit of 5%, and Adani Wilmar was up 10%.

On May 6, the expert panel set up by the SC to examine regulatory issues in the Adani case in the light of the Hindenburg Report submitted its final report. On March 2, the panel was given two months to submit a progress report in the matter.

The committee’s task is to determine whether there has been a regulatory failure, not whether a price increase in Adani stock was warranted.

Sebi said in a briefing requested by the committee that despite Adani Group shares being placed under various monitoring measures, it has not found any evidence of “wash trades” (where connected parties continuously trade stocks with each other , without actually intending to transfer ownership. stores).

The regulator claimed that according to the committee, the stock exchanges had tracked the price movement of Adani Equity on four occasions. Two of them occurred before the release of the Hindenburg Report, while two occurred after the report’s publication (that is, after January 25).

As per the committee, the market has updated its valuation and pricing of Adani shares.

“Even though they have not reverted to pre-January 24 levels, they are stable at the new re-price level. Volatility in Adani shares was really high, owing to the publication of the Hindenburg Report and its consequences,” the report said.

Adani Group shares are in the green zone after an SC-appointed panel of experts probed India’s regulatory system in an inquiry linked to the Hindenburg allegations, according to Prashant Tapase, senior vice-president of research at Mehta Equities. Group. If we go by the fundamentals after the Hindenburg saga then there has been no material impact on the company’s business and such a clean chit report will gradually instill confidence in the group’s shares.

“We continue to remain neutral on this development, even as stock prices continue to move from the news impact. We believe going forward we will receive further updates on this group from other regulatory bodies that will counter this volatile action. Can keep,” Taapsee said.

In addition, media reports claim that the Adani group is exploring the possibility of selling real estate holdings, which are considered non-core to its business. The group has already discovered some of these resources and is currently listing more.

(more to come)