Adani Group stocks rally: Adani Total Gas shares up 7%, Adani Ent gain 3%; key reasons explained

Adani Group stocks traded higher on Friday, July 10, as investor sentiment turned positive following a slew of developments across the conglomerate’s businesses.

The shares also rallied after Adani Enterprises’ copper arm, Kutch Copper Ltd (KCL), this week secured London Metal Exchange (LME) registration for its ‘Adani Copper’ Grade A cathodes. The approval allows the product to be delivered against LME copper futures contracts from July 10.

The approval makes Adani Copper an LME Good Delivery brand, placing it among producers whose cathodes meet the exchange's quality and responsible sourcing standards. Warrants for eligible Adani Copper cathodes can be issued from July 10.

The certification is a key milestone for Kutch Copper, a wholly owned subsidiary of Adani Enterprises, as it seeks to establish itself in the global refined copper market. 

US District Judge Nicholas Garaufis directed Adani to file the affidavit by July 15 before ruling on the Justice Department's motion to dismiss the indictment with prejudice.

The judge asked Adani to state whether he is aware of any promise, offer, agreement or benefit connected to the dismissal or of any exchange made in return for the charges being dropped.

However, the Adani group did not offer any comment on the issue, saying the matter is sub judice.

Here are some more updates about the group from the week

• On Friday, Bloomberg reported that Helios Capital Management is betting on the flagship stock of Adani Group to be the next big winner for its funds in a market left behind in the global AI frenzy. The Singapore-based asset manager bought about 770,000 shares of Adani Enterprises in the second quarter across three of its funds, two of which were first-time buyers, Bloomberg-compiled data show.

Helios founder told the global news agency in an interview that the easing of Adani’s legal and reputational overhang and the group’s businesses in ports and emerging energy ventures strengthen the case for further investment.

• Reuters on July 9 reported Adani Enterprises and French clean-technology firm Dioxycle have ‌formed a long-term partnership to develop and scale low-carbon chemical production in India, marking the Adani Group's entry into the sector. The collaboration will initially focus on a pilot plant producing formic acid using renewable energy and captured carbondioxide, with plans to expand to commercial-scale manufacturing.

How Adani Group stocks are performing

Adani Group stocks were trading with impressive gains during the session.

Shares of Adani Group firms rallied in intraday trade, with Adani Total Gas leading the gains, rising as much as 7% to hit an intraday high of ₹750. Adani Green Energy climbed 4% to ₹1,545.80 apiece, while Adani Enterprises and Adani Ports gained around 3% each to touch the day's high of ₹3,172.50 and ₹1,852.10, respectively.

Among other stocks in the group, Adani Energy Solutions jumped 3% to an intraday high of ₹1,671.00, while Ambuja Cements also rose 3% to ₹440.80. ACC shares also rose 2.4% to hit ₹1,395.90 during the session. Adani Power also traded in the green, gaining 1.4% to an intraday high of ₹219.46.