Adani Enterprises, Adani Power, Adani Green Energy: Why Are These Adani Shares Trading In Green Today?

Shares of most Adani group firms traded higher on Monday (January 15). Adani Enterprises shares gained 0.35% at Rs 3115.10 per share at 9:26 am IST today, Adani Power shares were also up 0.54% at 543.85 per share at 9:28 am IST, shares of Adani Green Energy gained 0.10% at Rs 1712.65 per share at 9:29 am IST today. The rally in Adani stocks was seen amidst positive trading on Dalal Street. In the early morning trade on Monday, Sensex gained 500 points to touch 73K level; while Nifty touched the 22K mark for the first time. This year, has so far proved to be a good one for shares of Adani group companies which experienced a turbulent 2023 following the accusations leveled by US Short seller Hindenburg Research report.

It must be noted that earlier this year, in a big relief to Adani group chairman Gautam Adani, the Supreme Court refused to order an SIT probe into allegations leveled by the US Short-seller Hindenburg Research against the Gautam Adani-led Indian conglomerate. While announcing its verdict on a batch of petitions seeking examination of allegations of fraud made against Adani group firms in the Hindenburg Research report the apex court dismissed reliance on a third-party report and affirmed faith in SEBI's handling of the case. The SC said that there are no valid grounds to direct the regulator to regulate its amendments made in the exercise of delegated legislative powers.

Adani Enterprises share price performance:

In today's early morning trade, Adani Enterprises shares gained 0.35% at Rs 3115.10 per share. In this year so far, shares of Adani Enterprises have gained 6.52%. The last six months and three months' performance of the stock is up 30.72% and 26.58% respectively.

In an exchange filing on January 12, the company said that Adani New Industries Limited, a wholly-owned subsidiary of the Company, has received Letter of Award(LoA) from Solar Energy Corporation of India ("SECI") for setting up manufacturing capacity for Electrolysers in India under Strategic Interventions for Green Hydrogen Transition Scheme (Tranche-I).

Adani Power:

Adani Power shares were spotted trading 0.54% higher at 543.85 per share at 9:28 am IST today. The stock has gained 3.66% in this year so far. The last six months and three months' performance of shares of Adani Power Ltd are up 125.14% and 59.28% respectively. Last year, Adani Power Ltd., undertook a ground-breaking green ammonia combustion pilot project at its Mundra plant as part of its multipronged decarbonization initiatives. As part of the project, the Mundra Plant, which is India's largest private-sector power plant, will co-fire up to 20% green ammonia in the boiler of a conventional coal-fired 330MW Unit.

Adani Green Energy:

Shares of Adani Green Energy gained 0.10% at Rs 1712.65 per share at 9:29 am IST today. Adani Green Energy shares have gained 6.69% in this year so far. The last six months and three months' performance of shares of Adani Green Energy is up 76.88% and 79.76% respectively. On January 8, 2024, the Adani group's renewable energy firm announced the redemption plan for a $750 million Holdco Bond due on September 9, 2024. The move is to expected help bolster investor's confidence in the Adani group firm.

With this, AGEL has fully defeased the Holdco Notes, eight months prior to the maturity date, and has further resulted in significant deleveraging in AGEL by way of equity proceeds while continuing to deliver on the growth plans. In an exchange filing on Monday, the company said, "The outstanding amounts of the Holdco Notes shall be fully secured through cash balances set aside as part of various reserve accounts securing the Holdco Notes, eight months prior to the maturity."