Shares of Adani Group companies zoomed up to 17 percent in early trade on November 29, extending the rally for the second day, after the Supreme court reserved its order to probe the conglomerate based on allegations of fraud and stock manipulation levelled by a US short-seller.
Adani Total Gas led the pack, soaring nearly 17 percent on November 29, followed by Adani Energy Solution gaining over 8 percent and Adani Green Energy surging almost 6 percent. Adani Enterprises and Adani Ports and Special Economic Zones, both gained 1 percent, while FMCG major Adani Wilmar rallied 5 percent.
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The surge in the stocks of the group was prompted by the Supreme Court's decision to reserve its verdict. The court stated that it could not order a probe solely based on certain reports without giving an opportunity for the entities affected by its orders to present their side.
The court emphasised that the Hindenburg report, which made allegations against the Adani Group in January, should not be considered an absolute statement of truth. Instead, it directed the Securities and Exchange Board of India (Sebi) to conduct an investigation, noting the difficulty in assessing the accuracy of the Hindenburg report.
An SC bench, comprising justices JB Pardiwala, Manoj Misra and others, said that it cannot expect a statutory regulator like Sebi to start issuing show-cause notices on the basis of reports published by Hindenburg or by a news organisation.
Adani Power surged over 4 percent after its decision to commence a green ammonia combustion pilot project at its Mundra plant as part of its multipronged decarbonisation initiatives. "As part of the project, the Mundra Plant, which is India's largest private sector power
plant will co-fire up to 20 percent green ammonia in the boiler of a conventional coal-fired 330MW unit", the company said in an exchange filing on November 29.
Green ammonia, produced from green hydrogen, which in turn is produced through electrolysis using renewable energy, would be a feedstock for the boilers. As ammonia contains no carbon, there is no CO2 emission from its combustion, making it a long-term carbon-neutral alternative to fossil fuels.
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