News

– EBITDA Trends Continue To Improve

– Estimate 4.5 GW Addition In FY26 And 6.3 GW In FY27

– Guidance Of 5 GW Addition In FY26 Reiterated, Offering Upside To Estimates

– Valuations At 63% Discount To Jan 2023 Peak EV/EBITDA, Leaving Room For Upside

Jefferies maintained its “buy” rating on Adani Green Energy with a price target of ₹1,300.

The price target from Jefferies also implies a potential upside of 29% for the stock, similar to Morgan Stanley’s projection for Adani Power.

Adani Total Gas: 71 lakh shares change hands Vs 20-day average of 1.9 lakh

Adani Power: 2 crore shares change hands Vs 20-day average of 45 lakh

Adani Green: 47 lakh shares change hands Vs 4 lakh

SEBI has gone into the facts of the case. Please understand the SEBI is the final fact-finding authority, and they have gone into all the facts, all the details, they have got the documents, they have heard both parties, and they have come to the conclusion, based on facts, that there is no allegation, that the allegation made is totally without any substance, and there is no need to say that they have violated the law. Now this be a question of fact, you cannot go in appeal, because no court can decide on a question of fact. They can only go on a question of law, and no question of law is involved anymore.

Adani Power’s shares have also gained up to 8% on Thursday after the SEBI clean chit to group entities.

Morgan Stanley also initiated coverage on the stock with a target of ₹818, projecting a 29% upside.

Over 1.4 crore shares of the stock have already changed hands in the first 30 minutes of trade.

Shares of Adani Total Gas have surged the most since May this year, after gaining as much as 13%.

Shares of other Adani Group stocks have also surged higher.

35 lakh shares of the company have already traded in the first 10 minutes of the trading session.

Adani Group stocks such as Adani Power, Adani Total Gas, Adani Enterprises, Adani Ports surged to up to 11% after getting a clean chit from the SEBI in the Hindenburg case.

Adani Group stocks have opened higher following the SEBI clean chit on various allegations levelled on the conglomerate by Hindenburg Research, a short seller.

Adani Power shares are up over 7% in the early minutes of trade, while Adani Green Energy shares are up 5%.

Adani Total Gas, Adani Enterprises, Adani Energy Solutions and Adani Ports shares have opened with gains between 2.5% to 5%.

It’s certainly a good news not only for the Adani group, but for the Indian corporates as well, and for the markets as well, because that reposes confidence in the regulator, in the Indian corporate governance, so on and so forth. So way forward is yes, at least now the hanging sword on the Adani group is now put to rest, I don’t think there would be any further investigation or any further scrutiny of all the allegations which Hindenburg had put on the Adani Group. Having said that, Adani Group can now be assured that look, at least the one which was pending has been put to rest.

– Adani Power a good illustration of turnaround in India’s corporate history, with resolution on most regulatory issues & multiple value-accretive acquisitions

– Adani Power will deliver strong earnings growth driven by timely completion of projects & more PPA wins medium term

– Impugned Transactions Not Manipulative / Fraudulent As No Allegation Of Siphoning Off Of Money Or Diversion Of Funds

– Impugned Transactions Not Manipulative / Fraudulent As All Money Came Back Before Probe Began

– Adicorp Not A Related Party Of Adani Enterprises, Adani Ports & SEZ, So No SEBI Rules Violated

– SEBI Regulations In Effect At Time Of Transactions Don’t Cover Transactions Between Unrelated Parties

– No Basis To Charge Adani Enterprises, Adani Ports & SEZ With Violations Of Prohibition Of Fraudulent & Unfair Trade Practices Regulations

Brokerage firm Morgan Stanley has initiated coverage on Adani Power with an “Overweight” rating and a price target of ₹818.

The price target implies a potential upside of 29% from Thursday’s close.

The SEBI order highlighted that there are no basis to charge Adani Enterprises and Adani Ports with violations of prohibition of fraudulent and unfair trade practices regulations.

Multiple listed entities of the Adani Group, including the two Nifty 50 names – Adani Ports and Adani Enterprises, along with broader market entities such as Adani Power, Adani Energy Solutions, Adani Green Energy, Adani Power, and Adani Total Gas are likely to see a reaction in Thursday’s trading session.

Market regulator Securities and Exchange Board of India (SEBI) on Thursday evening, gave a clean chit to the Adani Group and its top executives on some allegations made by short seller Hindenburg Research, as it found no violation of laws, fraudulent practices, market manipulation or insider trading.

Details of the SEBI order to follow in subsequent posts.

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