Adani Share: There was a stormy rise in the shares of Adani Group, the stock jumped by 20 percent, the market cap of the company increased.
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Adani Share: There is a stormy rise in the shares of Adani Group on Tuesday. With this the company has been included in the focus list. Trading is taking place in heavy volumes after the Supreme Court reserved its order in the Adani-Hindenburg case. Here on Friday, the Supreme Court has reserved its decision in the Hindenburg Report case. There is no reason to doubt market regulator SEBI, which is investigating the allegations against Adani Group in the Hindenburg report. He said that there is no fact before him to distrust the market regulator’s investigation. Along with this, the top court said that it is considering the claims made in the Hindenburg Report as not being completely based on facts. The bench said that in the absence of any facts before it, it would not be appropriate to constitute a Special Investigation Team (SIT) at its own level. After this, Mangalore is seeing a rise in the shares of almost all the companies of the group. Last week, Rs 14,786 crore was added to the market capitalization of Adani Group.
Adani Power jumped 13 percent
Shares of Adani Power opened with gains today and hit a new all-time high of ₹428 on NSE. Share price of Adani Ports opened higher today and hit an intraday high of ₹826 per share on NSE, with an intraday gain of nearly 4 per cent compared to Friday’s close of ₹795.55 per share. Shares of Adani Group flagship Adani Enterprises opened on a positive note and touched an intraday high of ₹2,374.90 within minutes of the opening bell of the stock market today. Adani Total’s share price today opened with a usage difference of ₹550 per share and hit an intraday high of ₹642 on NSE, rising over 15 per cent during Tuesday’s deals. Adani Energy Solutions’ share price rose by more than 13 percent during morning deals. Adani Green Energy rose more than 7.50 percent in the morning session on Tuesday. Other shares of Adani Group were also trading in positive territory during the morning session on Tuesday.
Adani Enterprises shares rose 11 percent
Shares of Adani Enterprises opened at Rs 2,301 this morning. Which, within a few hours, reached the level of Rs 2512.40 during trading. Till 12 noon, the company’s shares were trading at Rs 2,467.30 with a rise of 10.87% i.e. Rs 241.85. However, the company’s stock is trading well below its highest level. The stock has reached a high of Rs 4,190 in the last 52 weeks. Whereas, it has fallen to a minimum of Rs 1,017.45.
What did the Supreme say on Hindenburg
A bench headed by Chief Justice DY Chandrachud reserved its order after hearing the arguments of the parties related to the Adani-Hindenberg case. This case is related to the allegations of stock price manipulation and fraud against Adani Group in a research report of Hindenburg Research which came out in January. Although the group vehemently denied these allegations, there was a huge decline in the share prices of its companies. The court objected to SEBI being asked to investigate the Adani-Hindenburg case on the basis of some media reports. He said that he cannot ask a statutory regulator to accept anything published in the media as absolute truth. The bench said that we do not automatically need to accept the points mentioned in the Hindenburg Report as the ‘true state of the matter’. That is why we instructed SEBI to investigate. Because it would be really unfair for us to accept something recorded in a report which is not before us and whose authenticity we have no means of testing.
Petitioner raised questions on SEBI
The bench said this after one of the petitioners’ advocate Prashant Bhushan raised doubts on the role of SEBI. Bhushan had said that SEBI had all the information available about the irregularities of Adani Group since 2014. This bench also includes Justice JB Pardiwala and Justice Manoj Mishra. The bench said that they (SEBI) have completed their investigation. They say that now it is under their quasi-judicial jurisdiction. Should they disclose the investigation before issuing a show cause notice? On this, Bhushan said that the apex court will also have to consider whether SEBI’s investigation is credible and whether the responsibility of its investigation should be handed over to an independent organization or SIT. On this, the bench raised questions and said that where is the fact before us to cast doubt on the work of SEBI? Along with this, the bench also made strong remarks on accusing two members of the expert committee appointed by the Supreme Court of ‘conflict of interest’. The bench said that you need to be very cautious. It is very easy to make allegations but we also have to keep in mind the basic principle of fairness.
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