Adani Group stocks were in focus on Tuesday after the Gautam Adani-led conglomerate clarified on Gujarat petrochemical plant, saying its engagement with financial institutions over the Mundra project was still ongoing. The exchange has sought clarification from Adani Enterprises after certain media reported that the port-to-power group suspended work on the ₹34,900 crore Green PVC project after the Hindenburg short seller report.

“The financial closure of the Green PVC project of Mundra Petrochemicals Limited (MPL) is pending with the financial institutions and it is in their active consideration,” Adani Enterprises said in a post market hour release on Monday.

As per the release, the management decided to continue with the engineering design and other activities, including financial closure in an accelerated mode.

“Pending the above, it has been decided to keep the major equipment procurement and site construction activities on hold. We are hopeful to obtain financial closure for the project in the next six months post which full-fledged procurement and construction activities at site will commence,” it said.

“We are committed to completing the project in an expeditious manner so as to meet the original timelines,” the conglomerate said.

Reacting to the news, all 10 listed entities of Adani group were trading in green zone, in sync with the broader market, with Adani Green Energy leading the rally.

At 12:00 PM, Adani Green Energy shares were locked in the 5% upper circuit limit, while Adani Enterprises, the flagship company of the group, soared over 1%. Among others, Adani Total Gas rose 3.7%, Adani Power gained 3%, Adani Transmission and Adani Wilmar climbed over 1%. The newly acquired cement entities Ambuja Cement and ACC added up to 1.5%, while Adani Ports & SEZ was trading marginally higher during the session so far. NDTV was also up over 1.5%.

Meanwhile, the BSE Sensex was quoting at 57,789, up 160 points, or 0.28%, led by consumer durables and capital goods stocks.

Adani group shares, which witnessed selling pressure following the release of the Hindenburg report on January 24, 2023, have seen recovery of late after the company prepaid loans to ease investor concerns about the financial health of the conglomerate. It recently sold minority stakes in four of the listed companies to American equity investment boutique GQG Partners for ₹15,446 crore. The investment by GQG is the first major capital infusion in Adani Group since the U.S.-based short-seller Hindenburg Research’s critical report on the conglomerate came out on January 24, 2023. 

Rajiv Jain-led GQG has bought 3.4% stake in Adani Enterprises for about ₹5,460 crore, 4.1% in Adani Ports for ₹5,282 crore, 2.5% in Adani Transmission for ₹1,898 crore, and a 3.5% shares in Adani Green Energy for ₹2,806 crore.

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