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Sunday, July 14, 2024

Adani Group Stocks Increase By 20%; Understand Why. Adani Power, Adani Enterprises, Adani Ports

<p>Following the Indian Supreme Court’s ruling that it had no grounds to “discredit” market regulator Securities and Exchange Board of India’s (Sebi) investigation into the Adani group, the group’s stocks jumped during morning trade. Following the completion of the hearing on Friday, the top court postponed making a decision on a number of petitions pertaining to the Adani-Hindenburg dispute.<img decoding=”async” class=”alignnone wp-image-292100″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-heroin-worth-rs-15-cr-seized-in-assam-two-arrested-adani-enterprises-says-2-5-bill-1-750×422.png” alt=”theindiaprint.com heroin worth rs 15 cr seized in assam two arrested adani enterprises says 2 5 bill 1″ width=”1562″ height=”879″ title=”Adani Group Stocks Increase By 20%; Understand Why. Adani Power, Adani Enterprises, Adani Ports 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-heroin-worth-rs-15-cr-seized-in-assam-two-arrested-adani-enterprises-says-2-5-bill-1-750×422.png 750w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-heroin-worth-rs-15-cr-seized-in-assam-two-arrested-adani-enterprises-says-2-5-bill-1-768×432.png 768w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-heroin-worth-rs-15-cr-seized-in-assam-two-arrested-adani-enterprises-says-2-5-bill-1-390×220.png 390w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-heroin-worth-rs-15-cr-seized-in-assam-two-arrested-adani-enterprises-says-2-5-bill-1-150×84.png 150w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-heroin-worth-rs-15-cr-seized-in-assam-two-arrested-adani-enterprises-says-2-5-bill-1.png 948w” sizes=”(max-width: 1562px) 100vw, 1562px” /></p>
<p>Adani Total Gas led the group with gains of about 20% in the early session, closely followed by Adani Energy Solutions, which saw a sharp increase of 12%. Around this time, Adani Enterprises and Adani Ports and Special Economic Zones, which are Nifty companies, had increases of 4% and 3%, respectively.</p>
<p>A court headed by India’s Chief Justice, DY Chandrachud, has reserved the decision in the Adani-Hindenburg dispute. The top court noted that SEBI, the capital market regulator, had to finish its investigations in all 24 cases.</p>
<p>On August 25, the market regulator provided the Supreme Court with an important progress report on its investigations into the claims that the Adani Group was manipulating stock prices. According to the report, in 22 of the 24 instances, SEBI has concluded its investigation.</p>
<p>The bench of the Supreme Court stated:</p>
<p>In all 24 instances, SEBI has to finish the investigation.<br />
The Hindenburg report is not need to be regarded as gospel. Since there is no way to verify the accuracy of the Hindenburg story, SEBI was requested to look into it.<br />
When leveling accusations, some accountability is required. Regarding the petitioners’ allegations that Somsekhar Sundaresan, who was recently appointed as an extra judge of the Bombay High Court, represented the Adani Group, this was brought up in court. The court went on to state that no attorney could become a judge using this reasoning.<br />
To offer experience to resolving the matter, we appointed veterans of the business rather than judges.<br />
Can SEBI be required to provide conclusions even before the law allows it to start proceedings? How are the SEBI findings to be pre-judged?<br />
You cannot expect SEBI to accept a newspaper article as gospel truth, even if it appears in the Financial Times.</p>
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