PrashantNews
The Indian stock market on Wednesday remained unfazed as the Adani stocks jumped sharply totally discarding the US indictment and the downgrading by leading global rating agencies.
The benchmark BSE index rose 300 points in the afternoon with all Adani stocks recovering sharply. Adani Green Energy Ltd. witnessed the first uptick in share price since the indictment in US. Adani Green was locked in 10% upper circuit at Rs 989.30 around 1430 hours on the Bombay Stock Exchange (BSE).
The group flagship Adani Enterprises was also up 12%, at Rs 2400 after a 4.8% decline on Tuesday. Adani Energy Solutions Ltd was also locked in 10% upper circuit at 661.
Adani Wilmar had risen 7.3% so far on Wednesday while the group’s cement firms ACC and Ambuja Cements, were up 4.3% and 4.6%, respectively.
Adani Total Gas led the gains with a 16.5% surge, indicating investors were unfazed by the French partner TotalEnergies SE’s decision to freeze fresh investments into the Adani group.
Adani Power was nearly 16% up, while Adani Ports and SEZ had risen 7.2% in the day’s trading so far.