Adani Shares Surge Post SC Verdict, Adani Ports, Ambuja Cement Touch 52-week High
In a day marked by market turbulence, all Adani Group-backed shares experienced a significant surge on Wednesday, following the Supreme Court verdict.
The court's decision follows a saga that led to a market rout and substantial wealth erosion for investors.
In early Wednesday trading, Adani Energy Solutions led the charge with an impressive 13.6 per cent gain on BSE, reaching an intraday high of Rs 1,205. Adani Total Gas followed closely with a 10 per cent increase, hitting an intraday high of Rs 1,100.
NDTV shares soared by 9 per cent, reaching a day's high of Rs 296, while Adani Green Energy shares advanced by 8.6 per cent, touching an intraday high of Rs 1,740.25 a piece.
Adani Enterprises, the flagship company of the Adani Group, rallied by 5.6 per cent to reach an intraday high of Rs 3,094.85. Adani Wilmar shares jumped by 6.7 per cent, reaching a day's high of Rs 391 a piece, while Adani Power recorded a 5 per cent upper circuit, touching Rs 544.65 a piece.
Adani Ports and Ambuja Cement shares hit new 52-week highs of Rs 1,117.1 a piece and Rs 541.45 apiece, respectively, surging by 3.6 per cent and 2.04 per cent in early trade.
ACC shares also climbed by 1.65 per cent to reach an intraday high of Rs 2,305.15.
Despite the Hindenburg effect impacting Adani Power and Adani Ports at the end of 2023, both stocks rebounded and recorded gains. The positive sentiment among investors in the New Year has been evident, with many Adani stocks showing signs of returning to their pre-Hindenburg levels.
As Adani shares exhibit resilience amidst market uncertainties, the 2024 outlook appears optimistic. Investors are eagerly awaiting to see how the Adani Group-backed stocks overcome the challenges posed by the Hindenburg saga.
