Adani Group Shares Rise Amid Stock Market Rally; NDTV shares disappear

Nine out of 10 listed Adani Group companies saw a sharp rise in morning trade on Monday, in line with a broader rally in the stock markets. Adani Energy Solutions led the gains with a jump of almost 7 percent on the BSE.

Adani Energy Solutions saw its stock rise 6.89 percent, while Adani Green Energy rose 6.42 percent. Other key gainers included Adani Total Gas, which rose 5.33 percent, Adani Ports rose 4.64 percent, and Adani Power, which rose 4.17 percent.

Shares of Adani Enterprises, the conglomerate’s flagship, rose 4 percent. Adani Wilmar gained 3.23 percent, ACC added 3 percent and Ambuja Cements rose 2.71 percent. In contrast, NDTV shares fell 2 percent during the session.

The rally in Adani shares mirrored the broader market performance, with the BSE benchmark Sensex rising 1,330.17 points to 80,447.28 and the NSE Nifty rising 438 points to 24,345.25 in early trade.

The increase comes amid Adani Group’s clarification on reports of Kenya’s cancellation of deals worth more than $2.5 billion following a US bribery indictment. The group stated that it had not entered into any binding agreements to operate Kenya’s main airport.

In a statement issued on Saturday, the group addressed its involvement in a pact to build and operate electricity transmission lines in Kenya for 30 years, asserting that the cancellation of the project did not necessitate disclosure under the Securities and Exchange Board of India (SEBI) regulations.

The group was responding to inquiries from stock exchanges after Kenyan President William Ruto reportedly ordered the cancellation of a tender process related to the management of the country’s main airport.

Adani Enterprises Ltd, which oversees the group’s airport operations, disclosed that while it had set up a subsidiary in Kenya in August to modernize and manage airports, no binding or final agreements had been signed.

“While the company was in discussions with the relevant authority for the said project, neither the company nor its subsidiaries have to date been awarded any airport project in Kenya or entered into any binding or final agreement in respect of any airport in Kenya” , the spokesperson said. company clarifies.

The strong performance of Adani shares reflects investor optimism in a positive stock market environment. However, developments surrounding the group’s international companies will continue to attract attention.