Adani Group Stocks Surge up to 6% on Fundraising Talks and Positive Coverage

29 Jan 2024 , 12:55 PM

Adani Group stocks experienced up to a 6% surge in morning trading on January 29, driven by various factors, including talks of fundraising.

Adani Enterprises saw a more than 5% rise, reaching an intraday high of Rs 3,050 on the NSE, following Cantor Fitzgerald’s ‘overweight’ call.

Cantor Fitzgerald views Adani Enterprises as crucial for India’s economic growth, making it a unique long-term investment opportunity with an attractive Risk/Reward profile. The target price is set at Rs 4,368.

Cantor notes that Adani has taken measures to reduce liquidity risk, enhance governance, and increase transparency, emphasizing that Adani is ‘too big to ignore’ for the country.

Adani Enterprises is approaching pre-Hindenburg report levels from a year ago, which led to a significant impact on the group stocks.

Ten Adani stocks are traded on exchanges, and various subsidiaries, including Adani Energy Solutions and Adani Power, witnessed positive momentum.

Adani Ports, Adani Green Energy, Adani Total Gas, Adani Wilmar, ACC, Ambuja Cement, and NDTV all recorded gains, with Adani Ports set to announce its Q3 results on February 1.

The rise in Adani stocks follows reports that the Adani Group is in talks with global private equity firms and Indian banks to raise $3 billion in the coming months.

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