Effect of stormy rise in share market, Gautam Adani earned 10 billion dollars in 7 days, climbed the list of rich
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Gautam Adani NetWorth: The impact of the stormy rise in the Indian stock market is visible on the companies. Whereas due to the rise today, the market capitalization of BSE listed companies increased by more than Rs 2.5 lakh crore on Tuesday and crossed Rs 350 lakh crore. At the same time, Gautam Adani has also earned about 10 billion dollars in the last seven days. Let us tell you that the rise in the shares of Adani Group companies is continuing after the Supreme Court’s positive comment towards the company and reserving its decision in the Hindenburg case. Meanwhile, Gautam Adani has also climbed the list of rich. He has become the 16th richest man globally. According to the Bloomberg Billionaires Index, the Adani Group chairman now has assets worth $70.3 billion. Gautam Adani is the second Indian in the top 20 list after Mukesh Ambani, who is ranked 13th with a net worth of $90.4 billion. On Tuesday, Adani Group shares jumped as much as 20 per cent after a report by the US International Development Finance Corporation (DFC) found that Hindenburg Research’s allegations of corporate fraud against the group were not relevant. According to reports, DFC had investigated the allegations against Adani Group before giving loan for the Indian group’s port project in Sri Lanka. Subsequently, all 10 companies increased their profits for the second consecutive session this week and crossed the total market capitalization mark of ₹13 lakh crore.
What is the stance of the Supreme Court
On November 24, the Supreme Court had reserved its verdict on a batch of petitions seeking investigation into allegations of accounting fraud and stock manipulation against Adani group companies raised in a research report by US short-seller Hindenburg Research . The apex court had said that without evidence of lapses on the part of securities, the Exchange Board of India (SEBI) has formed a special investigation team (SIT) to probe alleged violations of minimum public shareholding (MPS) norms by Adani group companies. ) but it is not appropriate to doubt. In the court, the apex court bench headed by Chief Justice DY Chandrachud told lawyer Prashant Bhushan, appearing on behalf of the petitioners, that where do we have the material to doubt SEBI? SEBI is a statutory body specifically entrusted with the task of checking stock market manipulation. Is it appropriate for the highest court of the country to say without any proper material that ‘we do not trust SEBI, and we will form our own SIT’?
Up to 20 percent jump in shares of Adani group companies
Shares of Adani Group jumped by 20 percent on Tuesday afternoon. The company’s shares have surged after a report came out which claimed that the fraud allegations against the Hinderberg Research group were not relevant. According to reports, the US International Development Finance Corp or DFC investigated allegations against the Adani Group before granting a loan for the Indian group’s port project in Sri Lanka. All 10 listed companies of Adani Group traded with sharp gains in early trade. The combined market capitalization of all the listed companies of the group reached the figure of Rs 13 lakh crore. On BSE, shares of Adani Energy rose by 20 percent, Adani Energy Solutions by 16.38 percent, Adani Total Gas by 15.81 percent, Adani Enterprises by 10.90 percent. Shares of Adani Ports and Special Economic Zone (APSEZ) rose 9.47 per cent, NDTV 8.49 per cent, Adani Wilmar 7.71 per cent, Adani Power 6.68 per cent, Ambuja Cements 6.17 per cent and ACC 5.65 per cent. Meanwhile, the 30-share BSE Sensex was trading 245.75 points, or 0.36 per cent, higher at 69,110.87, while the NSE Nifty rose 0.56 per cent to 20,801.90.
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