Adani Power, Adani Enterprises, Adani Port: Adani Group shares rise up 3% in early trade – Business Today

Adani Group stocks rallied up to 3 per cent during the early trading session on Tuesday after the Gautam Adani led conglomerate gave clarifications over impact of Israel-Palestine war on Adani Ports and Special Economic Zone (APSEZ) and condemning the allegations by the US-based daily the Financial Times. Adani Ports led gainers, rising more than 3 per cent to Rs 817 with a total market capitalization of over Rs 1.77 lakh crore. The stock was the biggest loser in the NIfty50 pack on Monday, sliding more than 5 per cent to settle at Rs 789.90 during the previous trading session. Adani Ports owns Haifa Port in Israel. Adani Ports, in its statement said that it is closely monitoring the situation in South Israel, whereas Haifa port is situated in the North. “We have taken measures to ensure the safety of our employees and all of them are safe. We remain fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality,” said the company in its statement. The overall contribution of Haifa in APSEZ’s numbers is relatively small at 3 per cent of the total cargo volume. For the current financial year 2023-24, it has guided for Haifa Cargo volumes range of 10-12 MMT and APSEZ’s total cargo volume guidance of 370-390 MMT, it added with reaffirmation of confidence on the company’s business performance. Adani Enterprises, the flagship company of Adani Group, jumped over 2 per cent to Rs 2,494 on Tuesday, with a total valuation of Rs 2.85 lakh crore. The power utilities arm Adani Power surged another 3 per cent to Rs 351.85 during the day and its total worth topped Rs 1.35 lakh crore mark. In a separate statement, Adani Group condemned the allegations by the Financial Times, and called it a ‘malicious campaign’ to tarnish its global reputation. The Gautam Adani led diversified business group said that Financial Times is deliberately recycling old allegations to support vested interests “There is a renewed attempt by the Financial Times and its collaborators to rehash old and baseless allegations to tarnish the name and standing of the Adani Group. This is part of their extended campaign to advance vested interests under the guise of public interest,” said Adani Group. Continuing their relentless campaign, the next attack is being fronted by Dan McCrum of the Financial Times, who jointly with the OCCRP put out a false narrative against the Adani Group on 31 August 2023. The OCCRP is funded by George Soros, who has openly declared his hostility against the Adani Group, it added. Among other companies, Adani Wilmar and Adani Total Gas gained about 2 per cent each to Rs 342.60 and Rs 601.30, respectively. Adani Green Energy added a per cent to Rs 949 and Adani Energy Solutions also gained about a per cent to Rs 791.30. Ambuja Cements, ACC and New Delhi Television were also trading in green.

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