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Adani Group shares rise ahead of Supreme Court hearing

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Adani Group shares increase ahead of the SC hearing for Adani Enterprises and Adani Ports.

The shares of Adani Enterprises, the company that serves as the Adani Group’s flagship, have seen a slight increase of almost 2 percent, ending the day at Rs 2,509.15. Due to this admirable increase, its total market value has surpassed the amazing milestone of Rs 2.85 lakh crore.

Tuesday’s trading session began with the stocks connected to the Adani Group exhibiting a strong tendency towards higher valuations. This upward trajectory is revealed on the eve of the Supreme Court’s scheduled session, which was prompted by the conclusion of Sebi’s market-related probe. Later today, the Supreme Court will meet to hear the Adani-Hindenburg case. It is the nation’s highest court.

Following a Supreme Court order, Sebi was required to provide its most recent status report on the inquiry into the long list of charges made by the US-based short-selling company Hindenburg Research. These claims, which were first made in a thorough report published in January, accused the Adani Group of stock manipulation, dishonest business dealings, and several financial irregularities. It is important to remember that the large corporation led by Gautam Adani has vehemently denied any hint of impropriety.

Adani Enterprises’ stock price continued to increase, reaching a noteworthy 2 percent peak on Tuesday at Rs 2,509.15. Its overall market value significantly increases as a result of this excellent climb, surpassing the commendable benchmark of Rs 2.85 lakh crore. Additionally, the conglomerate’s standout subsidiary project Adani Ports and Special Economic Zone carved a similar upward trajectory, rising by just over 1% to Rs 815.40 per share and accruing a combined market capitalization that exceeded the remarkable Rs 1.75 lakh crore mark.

A separate entity inside the corporation, Adani Power, saw an even more spectacular rise, gaining more than 2 percent to reach Rs 329.35 per share. Adani Energy Solutions, formerly known as Adani Transmission, carved out a place for itself and recorded an increase of more than 1% to settle at Rs 874. Similar to how Adani Total Gas entered the picture, it saw a rise of more than 1 percent, with its valuation reaching Rs 663 in the opening seconds of the trading session.

Adani Wilmar and Adani Green Energy entered the trading session for the first time while moderately rising. While this was happening, companies that were acquired, such as Ambuja Cement and ACC, tracked upward trajectories and had increases that were close to 1 percent. New Delhi Television (NDTV), a media purchase, also started operations with an amazing increase of roughly 2%.

By the 14th of August, Sebi was required to submit its investigative report related to the Hindenburg charges. The regulatory agency in charge of the capital markets, however, made a formal request for a 15-day extension, which prompted it to submit its most recent status report on August 25. It is noteworthy that the information contained in Sebi’s report is not available for public review.

Gautam Adani emphasized the recently released detailed report created by an expert committee, commissioned under the auspices of the Supreme Court, in his speech directed at the stakeholders. Gautam Adani asserted, based on these observations, that the expert committee’s careful review revealed no flaws in the legal system that could be attributed to the Adani Group.

The US-based short-selling company Hindenburg first appeared on the scene in January of the current year, which is a significant historical milestone. Along with this premiere, a carefully written study report on the Adani Group was made public. The paper, which claimed to be the result of a meticulous two-year research project, made accusations against Adani Enterprises and a group of linked entities for a decades-long pattern of stock manipulation and elaborate accounting fraud.

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