Adani Enterprises, other Adani Group shares rise up to 12% on India-US trade deal

Adani Enterprises, other Adani Group shares rise in trade.

• Adani Group shares surged up to 12 percent after India-US trade agreement news.
• Adani Enterprises led Nifty50 gains, rising nearly 12 percent to Rs 2,233.40.
• US to lower tariffs on Indian goods to 18 percent, boosting market sentiment.

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Adani Group shares rallied sharply on Tuesday, rising up to 12 percent, amid broad-based buying in the equity market after India and the US reached a trade agreement under which Washington will lower reciprocal tariffs on Indian goods to 18 percent.

Adani Enterprises emerged as the top gainer in the benchmark Nifty50 pack, climbing 11.93 percent to an intraday high of Rs 2,233.40. The stock opened gap-up, gaining 7.75 percent. It has risen for the second straight session and is up about 14 percent over the past two days.

Shares of Adani Ports and Special Economic Zone rose 8.33 percent to Rs 1,520 on the NSE. The stock opened 5.28 percent higher and has gained around 12 percent over the last two sessions. It was also among the top gainers on the benchmark index.

Other Adani Group companies, including Adani Power and Adani Energy Solutions, also saw buying interest, amid expectations that certain group entities could benefit from stronger energy trade linkages and infrastructure-related opportunities stemming from deeper bilateral economic ties.

Global brokerage firm Jefferies has listed Adani Group companies among the key beneficiaries of the trade deal. Domestic brokerage Antique also named Adani Power and Adani Ports as potential beneficiaries, according to an ET report.

The rally in Adani stocks came alongside a sharp surge in the broader market. In early trade, the Sensex jumped 4,205.27 points, or 5.14 percent, to an intraday high of 85,871.73, while the Nifty surged 1,252.8 points, or 5 percent, to 26,341.20.

US President Donald Trump on Monday said the United States has reached a trade agreement with India under which tariffs on Indian exports to the US will be reduced to 18 percent from 50 percent. He announced the decision on social media following a phone call with Prime Minister Narendra Modi.

The development comes days after billionaire Gautam Adani and his nephew Sagar Adani have agreed to receive a legal notice from the US Securities and Exchange Commission in a civil fraud lawsuit alleging that investors were misled in connection with a bribery scheme, according to a court filing. The stipulation is subject to court approval.

In a filing in a federal court in Brooklyn, New York, seen by PTI, the SEC and US-based lawyers representing Gautam and Sagar Adani said the lawyers had agreed to accept service of the regulator’s legal papers, removing the need for a judicial ruling on the mode of service.

The joint stipulation has been submitted for approval to the concerned court, a standard procedural step in US legal proceedings.

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