All the Adani Group stocks are trading in the green today with the parent company, Adani Enterprises Limited, moving the most witnessing a gain of around 5.1 percent currently available for Rs 1,989. In the last one-month period, the stock has gained more than 10 percent ranging from Rs 1,803.15 to the current levels.
One of the probable reasons for the stock prices to move up is after a tag given by the Mauritius Financial Services Minister.
According to reports, Mr. Mahen Kumar Seeruttun, the Mauritius Financial Services Minister, refuted all the allegations which were labelled by the US-based short seller Hindenburg Research. During a parliament session, the Minister said that the allegations of the presence of shell companies in the nation are ‘false and baseless’.
Another contributing factor to the surge in prices is the recent regulatory filing with the BSE where the parent company informs about a Board Meeting which is going to be held on 13th May 2023 to consider and approve the proposal of raising funds by way of issuance of equity shares or any other eligible securities. The same would be subject to regulatory and shareholder approval.
Some of the other stocks of Adani Group with considerable stock movements today include Adani Transmission, Adani Ports, Adani Total Gas, and Adani Wilmar showing a gain of 3 percent, 2.5 percent, 2.1 percent, and 2 percent respectively.
Written by Amit Madnani
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