IANS | 24 May, 2024
The key portfolio companies of the Adani Group on Friday continued their
sharp rally, with the flagship Adani Enterprises Ltd (AEL) regaining losses of
more than $30 billion that accrued after the short-seller firm Hindenburg's
report.
The Adani Enterprises stock has registered a rise of 12 per cent in the
last five trading sessions. The iconic global financial institution Cantor
Fitzgerald has given it a target price of Rs 4,338.
Apart from this, the stock has given returns of about 53 per cent to
investors in the last six months. The stock has also tripled from its February
low of 2023.
The AEL stock was almost flat at Rs 3,381 apiece on the BSE.
While Adani Green Energy shares went up 1.8 per cent, Adani Total Gas
increased by 2.5 per cent and Adani Energy Solutions rose by 0.50 per cent.
The investors have rejected the report by The Organized Crime and
Corruption Reporting Project (OCCRP), along with their collaborators, the
Financial Times (FT) targeting the homegrown business conglomerate, one of the
largest in the world, "all in the name of investigative journalism".
According to experts, the Financial Times editorial board and the
funders of the OCCRP, which include George Soros's Open Society Foundations,
the Ford Foundation, the Rockefeller Brothers Fund, and the Oak Foundation, got
it wrong, "attempting to add rejected masala to a debate that concluded
months ago".
"A coordinated effort to create noise around a recycled and
rehashed report yielded nothing yet again. Much to their dismay, the opposite
happened. The stock market reacted positively to the Adani Group," said
experts.
"Investors, including major foreign investors, perhaps grew tired
of such hoax calls from Western media and motivated so-called ‘investigative’
groups. In any case, market sentiment, as displayed by investors, is also a
barometer of public sentiment," they noted.
The Adani Enterprises shares have made a strong comeback in the market,
recouping all losses triggered by the short seller firm Hindenburg report.
The reason for the rise in Adani Enterprises shares is the clean chit
given by the Supreme Court to Adani Group regarding the allegations made by
Hindenburg. Also, there is a possibility of its share being included in BSE
Sensex.
The 10 listed Adani Group firms now have nearly Rs 17.23 lakh crore as
their combined market valuation.
Clearly, investors rejected the Financial Times-OCCRP claims of
wrongdoing in the supply of coal to the Tamil Nadu government-owned power
company.
The iconic global financial institution Cantor Fitzgerald stated that
the FT report against the Adani Group is "just for noise."
--IANS