All Adani Group stocks emerged as winners on Friday, May 16, after the Indian aviation authority ended business relations with Turkey-backed Celebi for their ground services at major airports like Delhi, Ahmedabad, and Mumbai. Adani Enterprises, Adani Ports, Adani Power, and Ambuja Cements are all on a bull run. Gautam Adani-backed Adani Airport Holdings is the largest airport infrastructure in India.
Adani Group Stocks:
At the time of writing, on BSE, Adani Enterprises and Adani Energy Solutions climbed by more than 2.5% each to Rs 2,581.95 and Rs 933.00 apiece. While Adani Power was up by 4.75% to Rs 568.80 apiece, Adani Total Gas zoomed by 4.3% to Rs 688.50 apiece, and Adani Green Energy jumped by 5.5% to trade at Rs 1,020.85 apiece.
Adani Ports, Ambuja Cements and ACC gained by 1% to 3.5% as well.
Adani Airports - Celebi partnership:
Due to national security concerns, the Bureau of Civil Aviation Security (BCAS) has revoked the security clearance of Celebi and its associated companies on these grounds.
Union Minister of Civil Aviation, Govt of India, Ram Mohan Naidu said, "Nothing is above the security of our nation and our fellow citizens. National interest and public safety are paramount and non-negotiable."
At the same time, the Civil Aviation Ministry announced its full commitment to ensuring that passenger convenience, cargo operations, and service continuity remain unaffected.
"Arrangements have been made at all affected airports to ensure seamless handling of passengers and cargo," the ministry said.
"We are also deploying special teams to oversee operations and address any emerging issues in real-time. We will continue to uphold national security while ensuring ease of travel and cargo movement across the country," Naidu said.
Also, Naidu emphasized that he is personally monitoring the situation and the Ministry is in active coordination with airport operators to manage the transition smoothly. He said, "Efforts are being made to ensure that employees working with Celebi are retained and continue to contribute."
Following the ministry's statement, Gautam Adani-backed Adani Airports has likely ended the partnership with Celebi and is looking for new players like Indo Thai for ground handling services at Mumbai and Ahmedabad airports.
According to the latest reports, Celebi employees' airport entry permit will be applicable only till May 19. A new guideline for permits is expected from BCAS after May 19. Other handlers are likely to take over all Celebi assets.
India has ended major business ties with both Turkey and Azerbaijan, after their support to Pakistan despite knowing that the latter is harboring terrorism. A high meeting was held by 24 states representatives and all of them showed support to Prime Minister Narendra Modi and vowed to oppose forces that stand against India.
Turkey is likely to face losses as India is among major exporters to Recep Tayyip Erdoğan's country. As per IBEF data, India exported 3,885 commodities to Turkey in FY24, valuing about $ 6.66 billion, while India's import is nearly half of its export. India imported 2,482 commodities from Turkey in FY24, valuing about $ 3.78 billion.
Click it and Unblock the Notifications
Sign in with Google