ADANI POWER, ADANI GREEN, ADANI ENERGY: SELECT ADANI GROUP STOCKS RISE UP TO 4% AFTER SEBI'S HINDENBURG NOTICE
Adani Group stocks rose up 4 per cent, with some trading flat, even as Hindenburg Research said that it has received a 'show cause' notice from the Indian capital market regulator Sebi. The report by the US-based short seller Adani Group in January 2022, triggered a $150 billion rout in the Gautam Adani-led stocks.
Commenting on the 46-page 'show cause' notice, Hindenburg said that it thinks that it is "nonsense, concocted to serve a pre-ordained purpose: an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India."
Adani Enterprises Ltd, the flagship company of the Adani Group, edged a per cent lower Rs 3,156.05 during the Tuesday's trading session, with its total market capitalization of more than Rs 3.6 lakh crore. The scrip had settled at Rs 3,182.85 in the previous trading session on Monday.
Adani Enterprises has tested the 200-days SMA on the daily charts. At present, the prices have reclaimed the 50-days SMA (Rs 3,128). Further, the momentum indicator RSI is positively poised, said Mileen Vasudeo, Senior Technical Analyst, Arihant Capital Markets.
"Even the stock is outperforming the benchmark indices. Combining the above parameters, it is evident that the momentum on the upside may continue. Hence, one can hold the stock at current prices with a stop loss of Rs 3,100 for the targets of Rs 3,322-3,396 levels in the next couple of weeks," he said.
Another blue-chip from Adani Group, Adani Ports and Special Economic Zone Ltd surged 0.6 per cent to Rs 1,483.60 during the trading session on Tuesday, commanding a total market capitalization of close to Rs 3.2 lakh crore for the day. The stock ended at Rs 1,475 in the previous trading session.
Motilal Oswal remains positive on Adani Ports as it sees the healthy expansion in the scale of operations and robust profitability to continue. "We expect Adani Ports to record an 11 per cent volume growth and a revenue, Ebitda and PAT CAGR of 14 per cent, 15 per cent and 19 per cent over FY24-26, it added, reiterating 'buy' rating with a revised target price of Rs 1,700.
Adani Total Gas Ltd rallied more than 4 per cent over its previous close at Rs 888 to Rs 926.85 on Monday as its total valuations topped Rs 1 lakh crore mark. Similarly, Adani Wilmar Ltd jumped more than 3 per cent to Rs 343.35 on Monday, with a total mcap of over Rs 44,000 crore. ACC Ltd also gained more than 3 per cent to Rs 2843.
Adani Energy Solutions Ltd was the other big gainer as it rose nearly 3 per cent to Rs 1,028.40 on Monday with a total marketcap close to Rs 1.15 lakh crore. Adani Green Energy Ltd, Ambuja Cements Ltd and Adani Power Ltd added about a per cent each to Rs 1775.95, 706.85 and Rs 723.50, respectively.
Recently, brokerage firm Investec initiated coverage on Adani Wilmar with a target price of Rs 374 per share with a hold rating. Global brokerage firm Jefferies has a buy rating on Adani Enterprises, Adani Energy Solutions and Ambuja Cements.
To recall, Hindenburg Research had published a 106-page, 32,000 words report last year. It included 720 citations, alleging Adani group's involvement in a brazen stock manipulation and accounting fraud scheme over the course of decades.
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2024-07-02T05:29:40Z dg43tfdfdgfd