Adani Enterprises, Adani Green: Adani Group stocks rally on reports of major relief; here's what happened

When last seen, Adani Enterprises was trading nearly 2.5% higher at ₹2,779.70, while Adani Green Energy shares were up nearly 1% at ₹1,427.80. Adani Ports and Special Economic Zone was trading nearly 2% lower at ₹1,805.80. Adani Energy Solutions was up 0.58% at ₹1,326.70.

Here is what the reports say

"Ending the cases would be a significant boon to the Adani Group, one of India’s most powerful companies, whose interests range from coal mining to renewable energy and airports. It also clears the decks for the conglomerate to return to international capital markets and resume its aggressive expansion strategy," the report added.

Other key updates

The proposed settlement also involves an agreement from his nephew, Sagar, to pay $12 million. If finalised, the deal would be a significant boon to the Adani Group, the report added.

Gautam Adani chairs the Adani Group conglomerate, and Sagar Adani is executive director at Adani Green Energy. Neither the conglomerate nor its corporate units was sued by the SEC. The company denied the US allegations at the time.

GQG Partners sells Adani Enterprises shares

Adani Group's flagship firm, Adani Enterprises, will be in focus as US-based investment firm GQG Partners on Thursday sold 58.92 lakh shares of billionaire Gautam Adani-led Adani Enterprises Ltd for ₹1,435 crore through an open market transaction.

Rajiv Jain-backed GQG Partners, through its affiliate GQG Partners Emerging Markets Equity Fund, offloaded a total of 58,92,423 shares, representing a 0.45% stake in Adani's flagship firm Adani Enterprises, as per the block deal data available on the NSE.

Shares were disposed of at an average price of ₹2,435.60 apiece, taking the transaction value to ₹1,435.16 crore.

Adani Airports & IHG Hotels partner for 5 new properties

In another development, Adani Airport Holdings on Thursday announced signing a deal with hospitality firm IHG Hotels & Resorts for developing five hotels across key airport-linked and high-growth urban destinations, including Mumbai, Navi Mumbai, and Ahmedabad.

The agreement will add close to 1,500 keys across multiple brands and locations, in line with IHG's growth plans for India, Adani Airport Holdings Ltd (AAHL) said.

AAHL said it is also in advanced discussions with IHG to further deepen and expand this partnership.

The pact also marks IHG's luxury lifestyle boutique brand, Kimpton Hotels & Restaurants' debut in the domestic market.

The development aligns with rising travel demand and the rapid expansion of India's aviation, tourism, and airport-led urban infrastructure sectors, AAHL said.

Uber to set up data centre in India with Adani Group

Global ride-hailing major Uber is set to establish its first data centre in India in partnership with the Adani Group, the company's CEO Dara Khosrowshahi said on Wednesday.

The new facility is expected to be operational later this year.

Taking to social media platform X, the Uber CEO wrote, "Great to meet @gautam_adani in Ahmedabad this morning and build on our existing partnership with the Adani group.

"As India fast emerges as a leading innovation hub for @Uber, we are setting up our first data centre in the country with the Adani Group to test and deploy our tech. Ready later this year, this investment will help us build at scale - from India, for the world."

The quantum and value of the investment were not immediately disclosed.