Adani Stocks Surge Amid Market Rally

27 Nov 2024 CW Team

Shares of nine out of ten Adani Group companies surged, with Adani Energy Solutions leading the rally, climbing nearly 7% in early trade. The upward trend mirrored a broader market surge, with the BSE Sensex gaining 1,330.17 points to reach 80,447.28 and the NSE Nifty advancing 438 points to 24,345.25.

Key Performances Adani Energy Solutions: +6.89% Adani Green Energy: +6.42% Adani Total Gas: +5.33% Adani Ports: +4.64% Adani Power: +4.17% Adani Enterprises: +4% Adani Wilmar: +3.23% ACC: +3% Ambuja Cements: +2.71% However, NDTV shares dipped by 2%, making it the sole decliner among the group’s listed firms.

Kenya Airport Deal Controversy Over the weekend, the Adani Group responded to reports that Kenya canceled deals worth over $2.5 billion following allegations of bribery in the U.S. The group clarified it had not entered into any binding agreements to operate Kenya's main airport.

Adani Enterprises, which oversees the group's airport ventures, stated it had incorporated a subsidiary in Kenya in August to modernize and manage airports. However, no definitive contracts were signed.

In response to allegations of a canceled electricity transmission project in Kenya, the group explained the deal did not require disclosure under Indian market regulations, as no binding agreements had been finalized.

This clarification comes amid increased scrutiny after Kenyan President William Ruto reportedly ordered the cancellation of procurement processes linked to the project.

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