Adani Group Shares Settle Higher, Three Stocks Hit 5% Upper Circuit

Shares of Adani Transmission jumped 5 per cent, Adani Green Energy advanced 5 per cent, Adani Total Gas rallied 5 per cent and Adani Enterprises climbed 2.53 per cent on the BSE
Adani Group Shares Settle Higher, Three Stocks Hit 5% Upper Circuit

Shares of Adani group firms ended with gains on Monday with some companies hitting their upper circuit limits amid the group listing out details of stake sales in its companies and investment ploughed back into businesses to counter claims by Congress leader Rahul Gandhi.

Shares of Adani Transmission jumped 5 per cent, Adani Green Energy advanced 5 per cent, Adani Total Gas rallied 5 per cent and Adani Enterprises climbed 2.53 per cent on the BSE.

ACC went up by 1.63 per cent, Adani Ports gained 1.57 per cent, Adani Power (0.96 per cent), NDTV (0.18 per cent), Ambuja Cements (0.17 per cent) and Adani Wilmar (0.02 per cent).

Three of the group stocks hit their upper circuit limits during the day.

In the broader market, the 30-share BSE Sensex ended marginally up by 13.54 points or 0.02 per cent to 59,846.51.

Billionaire Gautam Adani's group on Monday listed out details of the USD 2.87 billion stake sales in group firms since 2019 and how USD 2.55 billion of this was ploughed back into business, as it looked to counter Congress leader Rahul Gandhi's claim of Rs 20,000 crore coming into the conglomerate through 'shell companies'.

While investors such as Abu Dhabi-based global strategic investment company, International Holding Company PJSC (IHC) invested USD 2.593 billion in group firms such as Adani Enterprise Ltd and Adani Green Energy Ltd (AGEL), promoters sold stake in Adani Total Gas Ltd and AGEL to raise USD 2.783 billion.

"These funds were reinvested by promoter entities to support the growth of new business and in portfolio companies such as Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd and Adani Power Ltd," the group said.

The statement was issued rebutting reports in an international publication, which apparently was the basis of Gandhi's statement late last month questioning how "Rs 20,000 crore suddenly arrived in Adani's shell companies."

"We understand the competitive race to tear down Adani can be alluring. But we are fully compliant with securities laws and are not obscuring promoter ownership and financing," it said.
 

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