All 10 Adani Group shares rally on Tuesday. Adani Green jumps 20 pc. What is causing the euphoria?

Stock prices of Adani Group companies have been on the rise since last week

India Adani Goes Green

All the 10 Adani Group shares saw an impressive rally on Tuesday, with Adani Green hitting the upper circuit of 20 per cent.

This was the second consecutive day that the shares of the group recorded a sharp jump.

Apart from Adani Green, Adani Total Gas rallied over 19 per cent, and NDTV jumped over 18 per cent; followed by Adani Enterprises (16.9 per cent), Adani Ports (15.8 per cent), and Adani Power (15.3 per cent). Adani Wilmar rose by 9.9 per cent, ACC jumped 8.2 per cent and Ambuja Cement went up by 7.3 per cent.

The rally came in the wake of a report that said the US International Development Finance Corp (DFC) found that short-seller Hinderburg Research's allegations of corporate fraud against the conglomerate were not relevant.

The US agency examined the allegations against the Adani Group before extending a loan for the Indian conglomerate's port project in Sri Lanka, according to reports.

Meanwhile, in a regulatory filing on Tuesday, Adani Green Energy (AGEL) announced it has secured a funding of $1.36 billion from a consortium of international banks as part of its construction financing framework.

The $1.36-billion senior debt facility will enhance the company's funding pool to $3 billion since initial project financing in March 2021, AGEL said.

Besides, Ambuja Cements Ltd on Tuesday announced the completion of the acquisition of Sanghi Industries Limited (SIL), at a revised offer price of Rs 121.90 per share.

In August this year, Ambuja Cements Ltd (ACL) had offered a price of Rs 114.22 apiece for acquiring 26 per cent equity shares of Rs 10 each of Sanghi Industries from its public shareholders.

"In terms of the company's obligations under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ('Takeover Regulations'), the offer price as defined in the PA shall stand revised to Rs 121.90," Ambuja Cements said in a regulatory filing.

In a statement, ACL said it "successfully completes acquisition of Sanghi Industries, funded entirely through internal accruals" at an enterprise value of Rs 5,185 crore.

"With the acquisition funded entirely through internal accruals, ACL holds a controlling stake of 54.51 per cent in SIL," it said.

On Monday, Adani group shares extended gains from previous week amid a record-breaking rally in the broader market, taking the total market valuation of group companies to close Rs 12 lakh crore mark.

Stock prices of Adani Group companies have been on the rise since last week after the Supreme Court on November 24 reserved its verdict on a batch of petitions seeking examination of allegations of fraud by US-based short seller Hindenburg Research against the conglomerate.

Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp