Adani Group Stocks Rally; Ambuja Cements Jumps 4%

All Adani group listed stocks ended higher on Tuesday, with Ambuja Cements surging 4 per cent, on a day when the group conducted its annual general meeting.

A largely optimistic equity market also drove the group stocks higher.

Shares of Ambuja Cements surged 3.99 per cent, Sanghi Industries jumped 3.08 per cent, Adani Green Energy climbed 2.78 per cent, Adani Ports rallied 2.58 per cent, ACC went up by 1.72 per cent and Adani Energy advanced 1.70 per cent on the BSE.

The stock of Adani Power rallied 1.63 per cent, Adani Enterprises (1.44 per cent), NDTV (1.42 per cent) and Adani Total Gas (0.53 per cent).

In the equity market, the 30-share Sensex settled in the green, climbing 158.32 points or 0.19 per cent to 82,055.11. On similar lines, the 50-share Nifty rose 72.45 points or 0.29 per cent to end at 25,044.35.

The Adani Group plans to invest a record USD 15-20 billion across businesses over the next five years to chart out the next phase of growth, Chairman Gautam Adani said on Tuesday as he touted the conglomerate’s strong balance sheet and robust business to shrug off the relentless scrutiny it faces.

Record earnings from the businesses ranging from seaports to airports, renewable energy parks to data centres, cement to gas and electricity have built India’s largest infrastructure group that not only exists just to serve the markets but to serve the nation’s destiny, he said.

Addressing the group’s annual general meeting virtually, he referred to the recent indictment by the US authorities in an alleged bribery scheme to win lucrative renewable energy supply contracts, saying no one from Adani Group has been charged with violating US Foreign Corrupt Practices Act (FCPA) or conspiring to obstruct justice.

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“Even in the face of the storms and relentless scrutiny, the Adani Group has never backed down. Instead, we proved that true leadership is not built in sunshine. It is constructed in the fire of crisis,” he said.

Meanwhile, the Adani Group has raised USD 1 billion from global investors led by New York-based Apollo Global Management to refinance existing debt for its Mumbai airport.

Mumbai International Airport Ltd (MIAL), a unit which operates India’s second largest airport, will use the proceeds to refinance debt raised in 2022, it said in a statement.