Adani Group stocks surge; Adani Green jumps nearly 15%

Adani Group stocks surge as international partners reaffirm support amid U.S. indictment, Sensex and Nifty rise significantly.

Shares of all 11 listed Adani Group firms rallied in morning trade on Friday (November 29, 2024), with Adani Green Energy surging nearly 15%.

The stock of Adani Green Energy jumped 14.64%, Adani Energy Solutions zoomed 13.54%, Adani Total Gas climbed 7.33%, Adani Power surged 4.90% and NDTV soared 4.54% on the BSE.

Shares of Ambuja Cements went up by 2.90%, Sanghi Industries (2.44%), Adani Ports (2.25%), Adani Wilmar (2.24%), Adani Enterprises (2.11%) and ACC (1.34%).

The BSE benchmark Sensex traded 688.31 points higher at 79,732.05 and the NSE Nifty jumped 192.65 points to 24,106.80.

Abu Dhabi's International Holding Company (IHC), one of the largest sovereign funds that manages assets close to $100 billion, has reaffirmed its support to the Adani Group, saying its outlook on investments in the group remains unchanged despite the U.S. indictment of the conglomerate's founder chairman Gautam Adani.

"Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors," IHC, one of Adani group's key foreign investors, said in a statement.

"As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged." The IHC statement comes soon after Adani group emphasised that its chairman and his aides have not been charged under the U.S. Foreign Corrupt Practices Act but faced three other charges, including securities and wire fraud that are punishable with monetary fines.