In the 10-pack group of stocks, Adani Energy Solutions was the top gainer as it shot up to 10% while Adani Total Gas was up 8% and NDTV 7%.
Shares of Adani Green Energy, Adani Wilmar, Adani Enterprises and Adani Power were trading 5-6% higher. The Ahmedabad-based conglomerate’s cash cow Adani Ports was up 3%.
Later in the day, a Supreme Court bench led by Chief Justice DY Chandrachud will announce its judgement on a batch of pleas over allegations made in the US-based Hindenburg Research report claiming that billionaire Gautam Adani had carried out the “largest con in corporate history”.
While reserving a batch of pleas last month, the apex court had said it does not have to treat what was set out in the Hindenburg report as a “true state of affairs”.
“We don’t have to treat what is set out in the Hindenburg report as ipso facto (automatically) a true state of affairs. That is why we directed the SEBI to investigate. Because for us to accept something which is in the report of an entity, which is not before us and whose veracity we have no means of testing, would really be unfair,” the bench, also comprising justices J B Pardiwala and Manoj Misra, had said last month.
Since the Hindenburg report was released on January 24 last year, Adani stocks have seen a roller-coaster ride. At one point last year, the combined market capitalisation of all 10 Adani stocks had fallen to less than half but gradually recovered following a spate of positive news, including investment by white knight GQG Partners.While acting on PILs made in the aftermath of the Hindenburg report, the apex court had formed a six-member panel headed by former Supreme Court judge Justice AM Sapre that filed a report in May saying it cannot conclude whether there was any regulatory failure on the part of Sebi.
Later on in August, Sebi had submitted its investigation report to the court on allegations made against the group.
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