All 10 Adani stocks in green, rally up to 5.8% after Hindenburg’s SEBI reply

All the listed companies of the Adani group are trading in the green today after the U.S.-based short seller Hindenburg released a detailed response to market regulator SEBI's show-cause notice in the Adani group case. In the morning trade, the shares of the Adani group companies surged up to 5.8%. At 11 AM, shares of Adani Enterprises Ltd were trading marginally up at 0.38% at ₹3,195 on the BSE, in line with the broader market benchmark, BSE Sensex, near its historic high of 79,616.30, up 140.11 or 0.18% from yesterday.

The shares of Adani Ports and Special Economic Zone Ltd hit 0.75% up at ₹1,485.65 on the BSE today, taking its m-cap to ₹3,19,981.38 crore. Adani's power generation company, Adani Green Energy Ltd saw its shares surging 1.12% or 19.95 points up at ₹1,795.90 on the BSE, taking its m-cap up to ₹2,83,280.45 crore. Integrated power utilities company Adani Power's shares were up 1.28% currently at ₹727, while its m-cap stands at ₹2,79,628.07 crore.

Shares of the conglomerate's power distribution arm, Adani Energy Solutions Ltd, were currently trading the highest at 4.6% or 46.45 points at ₹1,045.95, with its market cap at ₹1,16,122.79 crore. They hit the day's high at 5.8%. Gas supplier Adani Total Gas Ltd saw its stock rising 4.10% at ₹924.40, up 36.40 points. Similarly, the shares of Adani Wilmar Ltd traded up 2.15% at ₹339.90 on the BSE, up 7.15 points, taking its m-cap up to ₹44,085.10 crore.

Shares of TV broadcasting & software production arm NDTV traded 3.45% up at ₹228.10, up 7.60 points, taking its m-cap to ₹1,462.53 crore. Shares of the cement units of the Adani group, Ambuja Cements Ltd and ACC Ltd were trading up 0.71% and 2.24% at ₹699.65 and ₹2,811.90, respectively.

Hindenburg Research received a "show cause" notice from SEBI on June 27, 2024, outlining suspected "violations of Indian regulations". Terming the notice "nonsense", Hindenburg says the notice is 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." Hinderburg also accused SEBI of "pressuring brokers behind-the-scenes to close short positions in Adani under the threat of expensive, perpetual investigations, effectively creating buying pressure and setting a ‘floor’ for Adani’s stocks at a critical time".

Gautam Adani, during the recent AGM of the group on June 24, 2024, said Hindenburg's report was designed to damage the Adani group and erode the conglomerate’s “hard-earned” market value. Gautam Adani recently accused Hinderburg of waging a “two-sided attack”.

The capital markets regulator is probing the Adani group in the Hindenburg case. The SC in January 2024 refused to transfer the probe being carried out by SEBI to a separate special investigation team (SIT), saying the "power of this court to enter the regulatory framework of SEBI is limited". The SC also said there was no "ground" to transfer the case from SEBI to an SIT.