Shares of all 11 listed Adani Group firms rallied in morning trade Friday, with Adani Green Energy leading the surge by nearly 15%, following renewed support from Abu Dhabi's International Holding Company (IHC).
Adani Green Energy's stock jumped 14.64%, while Adani Energy Solutions soared 13.54%, and Adani Total Gas climbed 7.33% on the BSE. Adani Power surged 4.90%, and NDTV rose 4.54%.
Other Adani Group companies also saw gains: Ambuja Cements (2.90%), Sanghi Industries (2.44%), Adani Ports (2.25%), Adani Wilmar (2.24%), Adani Enterprises (2.11%), and ACC (1.34%).
The benchmark BSE Sensex advanced 688.31 points to 79,732.05, while the NSE Nifty gained 192.65 points to reach 24,106.80.
IHC, a key foreign investor in the Adani Group, reiterated its commitment to the conglomerate despite a U.S. indictment against founder chairman Gautam Adani.
"Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors," IHC said in a statement.
"As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged."
The U.S. Department of Justice (DoJ) indictment, filed last week in a New York court, does not name Gautam Adani, his nephew Sagar, or Vneet Jaain in charges related to conspiracy to violate the Foreign Corrupt Practices Act (FCPA). However, Adani Group faces allegations of securities fraud and wire fraud.
Adani Green Energy Ltd. (AGEL), accused of allegedly paying $265 million in bribes to Indian officials to secure solar power contracts, denied the allegations in a filing, calling them “baseless.”
The contracts, it said, could yield $2 billion in profits over 20 years. The group stated it would pursue legal recourse to defend itself.
Meanwhile, international partners reaffirmed their confidence in Adani Group. The Sri Lanka Ports Authority underscored the group’s crucial role in expanding the nation's port infrastructure, while Tanzania’s government affirmed its commitment to agreements with Adani Ports.
"All contracts fully comply with Tanzanian law," a government official said.
In May, Tanzania and Adani Ports finalized a 30-year concession to operate Container Terminal 2 at Dar es Salaam port.
Despite mounting legal challenges, Adani Group remains bolstered by key international support.
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