Adani group shares rise up to 15% for second straight session led by Adani Total Gas. More steam left?

Stock Market Today: Adani Group shares gained up to 15% for second day in a row post clarification issued by Adani Green yesterday refuting Bribery charges against Gautam Adani and other company officials.

Adani Total Gas share price led the gains, skyrocketing up to 15% during morning trade on Thursday. Adani Green Energy and Adani Energy Solutions share price rose nearly 10% each and Adani Power share prices with up to 9% gains were not far behind. 

Adani Enterprises Ltd, Adani Ports and Special and Special Economic Zone Ltd, Adani Wilmar Ltd also gained up to 5%.  Among other group companies Ambuja Cements, ACC and New Delhi Televisions saw gains of up to 2%.

The Adani group shares are rebounding after Adani Green Energy Ltd issued clarifications yesterday. 

Adani Green Energy in its release on the exchanges had sai that “Gautam Adani, Sagar Adani and Vineet Jain have not been charged with any violation of the FCPA (United States Foreign Corrupt Practices Act) in the counts set forth in the indictment of the US DOJ (United States Department of Justice) or civil complaint of the US SEC (U.S. Securities and Exchange Commission)"

Further the company had added that these directors have been charged on three counts in the criminal indictment namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud, said the release.

Following the clarification while Adani Group shares had gained up to 16% on Wednesday, they are adding to gains on Thursday too.

Among other reasons that are leading  gains for stocks are individual group company developments. These include Adani Enterprises completing the contemplated acquisition of 74% stake of Cococart Ventures Private Limited (“CVPL”) and thereby CVPL becoming joint venture of AAHL and Adani Enterprises. Adani Airport Holdings Limited (“AAHL”) is a wholly-owned subsidiary of the Adani Enterprises Ltd.

(more to come)