Best day for Adani stocks as mcap up 9%

Thursday 09th March 2023 01:26 EST

After the Adani family sold holdings in four group companies to a US-based investor for around £1.54 billion, all 10 Adani group stocks saw a rally and concluded with significant gains. According to figures compiled by the BSE, the total value increased by 8.7%, or by £6.82 billion to £85 billion.

The group had its best day in terms of market cap growth on Friday since Hindenburg published a damning report on the conglomerate's corporate practises over a month ago. Since January 25, the group’s 10 stocks were being pummelled over Hindenburg’s report allegations against the group of stock price manipulation, accounting fraud and corporate malfeasance.

GQG Partners, which is traded on the Australian Securities Exchange, concluded the day 3% lower in contrast to increases in Adani Group's stock. Despite Rajiv Jain, one of the fund's two founders, sounding very upbeat about the stake purchase in Adani companies, media reports claimed that the purchase had sparked concerns from an Australian pension fund client of GQG at a time when major investors, including Norway's sovereign wealth fund, were offloading the stock.

The two discoms, Dakshin Haryana Bijli Vitran Nigam Limited and Uttar Haryana Bijli Vitran Nigam Limited, and Adani Power Limited announced they had signed a standardised power purchase agreement (SPPA). From the 4,620 MW power plant at Mundra's phase-IV, which has a 1,980 MW capacity, Adani will now supply 1,200 MW in total of power to these discoms.

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