Adani Group stocks gain up to 17%: What's driving rally
Shares of Adani Group companies skyrocketed up to 17% on November 29, continuing their upward trend for a second day. This comes after the Supreme Court wrapped up hearings on petitions calling for an investigation into the Adani-Hindenburg matter. The court stressed that it could not order an investigation based solely on certain reports without allowing the affected parties to present their side of the story.
Individual stock performances
Adani Total Gas soared by almost 17%, leading the way. Following suit, Adani Energy Solution gained over 8%, while Adani Green Energy surged nearly 6%. Adani Enterprises and Adani Ports and Special Economic Zones both saw a 1% increase and Adani Wilmar, a major FMCG, rallied by 5%.
SC directs SEBI to investigate Hindenburg report
The Supreme Court justices, including JB Pardiwala and Manoj Misra, explained that they cannot expect a regulatory body like the Securities and Exchange Board of India (SEBI) to issue show-cause notices based on reports from Hindenburg or news outlets. Instead, the court instructed SEBI to look into the allegations against the Adani Group detailed in Hindenburg's January report. The justices acknowledged the challenge of determining the report's accuracy and emphasized that it should not be viewed as an unquestionable truth.
Adani Power announces green ammonia combustion pilot project
In related news, Adani Power's stock rose over 4% after announcing plans to launch a green ammonia combustion pilot project at its Mundra facility as part of its broader decarbonization efforts. Green ammonia, created from green hydrogen through electrolysis using renewable energy sources, will serve as a feedstock for the boilers. As ammonia lacks carbon, its combustion emits no CO2, positioning it as a sustainable, carbon-neutral substitute for traditional fuels in the long run.
