All 10 listed stocks of the Adani Group were trading in the green at the time of writing on Friday.
The surge in the stocks comes even as the broader market was under the pump.
Both the benchmark Sensex and the broader Nifty were in the red on Friday, extending losses for the fifth straight session.
Why are Adani Group stocks upbeat today?
The sentiment around the stocks received a boost as the Bombay High Court dismissed a petition filed by UAE-based Seclink Technologies Corporation on Friday, which had challenged the Maharashtra government’s decision to award the Dharavi Redevelopment Project to Adani Realty.
In 2022, Adani Group emerged as the highest bidder for the 259-hectare Dharavi Redevelopment Project, securing the project with a bid of ₹5,069 crore. This followed a fresh tender process after the government canceled an earlier bid, which had seen Seclink Technologies submitting a ₹7,200 crore bid.
Seclink had contested the Maharashtra government’s decision to cancel the initial tender and issue a new one with revised conditions, leading to the legal challenge that has now been dismissed.
The group has been under pressure regarding the project attracting criticism from the country’s opposition parties.
Another development that has been seen as a positive for the conglomerate is the resignation of US Attorney Breon Peace.
Breon Peace, the US Attorney for the Eastern District of New York, is set to resign on January 10, 2025, ahead of President-elect Donald Trump’s inauguration on January 20.
Appointed by President Joe Biden in 2021, Peace’s resignation comes just as he has been involved in high-profile charges against Indian billionaire Gautam Adani.
In November, Peace’s office indicted Adani, head of the Adani Group, accusing him of defrauding US investors by allegedly concealing a bribery scheme to win Indian government contracts.
Adani responded by stating that his company is committed to addressing legal matters and reaffirming its commitment to world-class regulatory compliance.
All Adani Group stocks in green
Adani Enterprises: shares were up 0.78% to trade at ₹2,438.25 on Friday.
ACC: shares were up 0.51% to trade at ₹2,126.20 on Friday.
Adani Energy Solutions: shares were up 0.18% to trade at ₹797.45 on Friday.
Adani Green Energy: shares were up 1.80% to trade at ₹1,093.00 on Friday.
Adani Ports and Special Economic Zone: shares were up 0.20% to trade at ₹1,207.35 on Friday.
Adani Power: shares were up 1.85% to trade at ₹517.70 on Friday.
Adani Total Gas: shares were up 0.52% to trade at ₹700.90 on Friday.
Adani Wilmar: shares were up 0.13% to trade at ₹297.35 on Friday.
Ambuja Cements: shares were up 0.75% to trade at ₹567.55 on Friday.
New Delhi Television: shares were up 0.18% to trade at ₹165.20 on Friday.
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