Adani Group firms climb in morning trade; Adani Enterprises jumps over 5 pc
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 ACC (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 the Adani Group stocks had ended higher on Wednesday.
Billionaire Gautam Adanis embattled conglomerate said 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.
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.
(Except for the headline, this story has not been edited by The Federal staff and is auto-published from a syndicated feed.)
