Non-stop buying! Adani stocks rally up to 5% for fourth day

NEW DELHI: With three out of 10 Adani stocks locked in their respective 5% upper circuit limits, counters from Gautam Adani's belt were trading higher for the fourth straight day on Wednesday.

Shares of Adani Transmission, Adani Total Gas and NTDV were up 5% each while Adani Green and Adani Power shot up 4%. Adani's two Nifty stocks - Adani Enterprises, the group's flagship firm, and cash cow Adani Ports - were flat.

Adani Enterprises shares have gained the most since Friday and are up around 35%. Adani Ports, on the other hand, is now trading close to its pre-Hindenburg level.

In the last four trading sessions since the Supreme Court-appointed committee's report on Hindenburg issue was made public, the combined market capitalisation of Adani stocks has surged nearly Rs 2 lakh crore or 16% to Rs 11 lakh crore.

Adani bulls got another shot in the arm yesterday after it was reported that US-based GQG Partners has hiked its stake in the conglomerate by another 10%. Back in March, the NRI Rajiv Jain-led FII had inked a Rs 15,000 crore deal with Adani promoters to pick stake in Adani Ports, Adani Green Energy, Adani Transmission and Adani Enterprises.

Earlier in the day, ET reported that Jain is in talks for another $1 billion investment in Adani firms.

The rally in Adani stocks began after the Supreme Court panel, headed by former judge Justice AM Sapre, in its 173-page report, said that based on the data from Securities and Exchange Board of India (Sebi), it saw "no evident pattern of manipulation" in the steep stock price rise in billionaire Gautam Adani's companies that can be attributed to "any single entity or group of connected entities".

The report, which comes even as the Sebi is investigating the Adani-Hindenburg saga, was seen as a clean chit to the Ahmedabad-based conglomerate.