Shares of all Adani Group firms rose by nearly 6 percent today owing to multiple factors like talks of fund raising which lifted the stocks led by flagship Adani Enterprises. Adani Enterprises surged over 5 percent to hit an intraday high of ₹3,050 on the National Stock Exchange. This comes after Cantor Fitzgerald initiated coverage on the stock with an “overweight” call.
According to the international brokerage firm Cantor Fitzgerald, Adani Enterprises is at the core of everything India needs which makes “AEL a unique long-term investment opportunity. We believe Risk/ Reward is attractive at current levels.” According to Cantor Fitzgerald, Adani has taken actions to reduce liquidity risk, improve governance and increase transparency which means that Adani is “too big to ignore”. The country needs Adani as much as Adani needs the country, it said.
With this, Adani Enterprises is nearing the pre-Hindenburg research report levels. Almost a year ago the American short-seller’s report accused the group of stock manipulations and other wrongdoings which led to a major rout in the group stocks.
What’s happening with Adani shares in stock market?
Shares of Adani Energy Solutions jumped over 5 per cent after the company incorporated wholly-owned subsidiary Adani Energy Solutions Step-Twelve Limited (AESSTL). Meanwhile, Adani Power jumped over 3 per cent after AdaniConnex (ACX) signed a contract with Adani Power to acquire a 100 percent equity stake in two wholly owned subsidiaries of the company.
Adani Ports was up around 4 percent as the company is slated to announce its Q3 results on February 1. Shares of Adani Green Energy, Adani Total Gas, and Adani Wilmar also jumped over 3 per cent. ACC, Ambuja Cement and NDTV were also trading with gains of over 2 per cent.