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Experts have noted that Gautam Adani’s investments in renewables will help India cut dependence on oil.
New Delhi:
What seemed like a difficult year for Gautam Adani is set to end on a brighter note, with the Adani Group’s losses going down significantly to $64 billion as of December 14. According to a report, the shares of Adani Enterprises are still 18% lower, but experts said they have recovered over 75% from their all-time lows.
Shares of Adani Ports are up 36% and those of Adani Power are up 89% since short-seller Hindenburg Research released a report in January levelling a series of allegations, which the Adani Group has dismissed as “targeted misinformation” and an attempt to generate profits by driving down stock prices of the conglomerate. The Group had also said Hindenburg’s report was a calculated attack on India.
Overall shares of 10 listed Adani Group companies have recovered as much as 70% from the lows in January. Investments by international holding company GQG partners – which has invested in several group firms and bought 2.2 million shares of Adani Ports in August – and the US government’s investment in the Group’s port project in Colombo, Sri Lanka, have also boosted sentiment as well as investor confidence.
Experts have noted that Gautam Adani’s investments in renewable energy will help India reduce its dependence on oil and, with benchmark indices Sensex and Nifty touching all-time highs, things are looking up for the Group as well as for the country.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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