Adani Ent Soars 19%, Jumps 40% in 2 Days; 6 Adani Stocks Hit Upper Circuits

By Malvika Gurung

Investing.com -- The bullish trend extended across Adani Group stocks for the second consecutive session in Tuesday’s intraday, as Adani Enterprises’ shares rallied 18.63% in the morning trade to hit the day’s high at Rs 2,759.45 apiece.

The flagship company of the ports-to-power conglomerate, Adani Enterprises (NS: ADEL ) led the gains on the benchmark index Nifty50 , far outperforming the constituent stocks. The mega-cap stock has soared 39.5% in the past two sessions.

Shares of the ports operator Adani Ports (NS: APSE ) surged 7.66% on Tuesday to hit the session’s high at Rs 785.65 apiece.

The remaining Adani Group stocks hit a 5-10% upper circuit for the second consecutive trading day on May 23 amid positive vigour.

The shares of Adani Green Energy (NS: ADNA ), Adani Power (NS: ADAN ), Adani Transmission (NS: ADAI ) and Adani Total Gas (NS: ADAG ) were locked in 5% upper circuits, while those of Adani Wilmar (NS: ADAW ) hit a 10% upper circuit and were trading 8.5% higher at Rs 481.9 apiece at 10:20 am.

The Supreme Court-appointed expert committee’s statement of no regulatory failure around the allegation of price manipulation in Adani stocks, taking into account the explanations provided by SEBI, has given confidence to investors to buy the beaten-down stocks.

“Some short covering also would have contributed to the rally. However, from the valuation perspective, Adani stocks are not undervalued,” said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, in a note provided to Investing.com.

Further, the Adani Group-led stocks ACC (NS: ACC ), Ambuja Cements (NS: ABUJ ) and NDTV (NS: NDTV ) gained on Tuesday too, with NDTV hitting a 5% upper circuit.