Adani Total Gas stock rose 16.98 percent, Adani Green and Adani Energy hit the upper circuit after gains of 10 percent and Adani Power gained 9.22 percent.
Shares of all Adani group companies continued to rally, with Adani Total Gas rising nearly 17 percent in early trade on Thursday. Adani shares rose for the second consecutive day after the recent sharp decline in scrip prices.
Adani Total Gas stock rose 16.98 percent, Adani Green and Adani Energy hit the upper circuit after gains of 10 percent and Adani Power gained 9.22 percent. Holding firm Adani Enterprises rose 4.78 percent.
Shares of NDTV rose 2.64 percent, Adani Wilmar 2.62 percent, Adani Ports 1.57 percent, Sanghi Industries (1.96 percent) in morning trade. Adani group’s cement stocks ACC and Ambuja Cements also rose by 0.30 percent and 0.82 percent.
In the equity market, the BSE benchmark Sensex rose 89.33 points, or 0.11 percent, to settle at 80,321.80 on Thursday. The NSE Nifty rose 42.40 points, or 0.18 percent, to 24,319.65.
The move comes after an Adani Group entity said on Wednesday that Gautam Adani and his associates have not been charged under the US Foreign Corrupt Practices Act. He also added that they faced three other charges, including securities and wire fraud which are punishable with monetary penalties.
The US Department of Justice (US DOJ) indictment filed in a New York court last week does not name Gautam Adani, the founding chairman of the port-to-energy conglomerate, his nephew Sagar or Vineet Jain in any of the counts related to the conspiracy to defraud. FCPA, Adani Green Energy Limited (AGEL) said in a stock exchange filing.
AGEL is at the center of allegations of paying USD 265 million in bribes to Indian officials to secure solar power sales contracts that could bring the firm USD 2 billion in profits over a 20-year period.
The three — executives at AGEL — have been charged only with securities fraud conspiracy, wire fraud conspiracy and securities fraud, the company said. Generally, the penalties for such charges are less severe than for bribery.
Last week, the Adani group dismissed all the allegations as baseless and said it would take legal recourse to defend itself.