Adani stocks rally as SC ruling wins back confidence of investors

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₹71,253 crore in April-September. “That is the demonstration of everything that has happened this year, every distraction that has happened. We have just kept our heads down and focused on one thing we are good at.

And that is execution," Jeet Adani said at the presentation, which Mint has seen. Shares of the Adani Group’s 10 listed companies continued their rally on Wednesday, and the conglomerate has recovered more than half the market value lost in the weeks after Hindenburg's devastating report. On Wednesday morning, shares of Adani Enterprises touched a high of ₹3,199 a share, which was within the price band of last year's ₹20,000 crore follow-on public offer (FPO), which it was forced to cancel after Hindenburg released its report.

Adani Ports shares also hit a 52-week high, surging to ₹1,144 a share in anticipation of the petitions being dismissed. After the ruling, however, the stock, gave up almost all of its intraday gain of 6%, and was trading at ₹1,082.4, up 0.4%, at 12 pm. Other group stocks also saw profit booking after hitting upper circuits.

Adani Total Gas was locked at the 10% upper circuit at ₹11,00.95 for a while but was trading at ₹1049.75, up 4.88%, around noon. Adani Power was locked at the 5% upper circuit before erasing some gains to trade at ₹534.75, up 3.1%. “The niche which we have created for ourselves in a market where execution is tough, where you require a lot of collaboration across different stakeholders be it the local communities, the government, customers, and everything together, the ability to navigate that stakeholder relationship and create world asset, run a world-class asset and finance in world-class manner is something we are proud that no one else has been able to replicate,"