Six Adani group stocks trade at pre-Hindenburg report levels

Six Adani Group stocks, including Adani Enterprises Ltd, Adani Green Energy Ltd and Adani Ports & SEZ, have erased the losses triggered by a critical Hindenburg report and are now trading above their January 2023 levels, when the report was published by the short-seller.

The other four stocks Adani Total Gas, Adani Energy Solutions, Adani Wilmer and NDTV still trade below pre-Hindenburg levels. Adani Total Gas is still down 74 percent from its pre-Hindenburg high, Adani Energy Solutions is down 59 percent, Adani Wilmar 35 percent, and NDTV 11 percent down.

The rally in Adani Group’s stocks in the past two sessions has pushed the market value of group stocks above $200 billion. Year to date, Adani Ports and Special Economic Zone Ltd and Adani Power Ltd have been standout performers, gaining more than 40 percent and 35 percent, respectively. However, broadcaster New Delhi Television Ltd has been a laggard, losing 5.5 percent. Ambuja Cements and Adani Entertainment have also seen significant gains, rising 25 percent and 20 percent, respectively.

On January 24, 2023, Hindenburg Research published a report accusing Adani group companies of stock manipulation and accounting fraud, ahead of a proposed Rs 20,000 crore share sale by Adani Enterprises. The conglomerate termed the report as malicious and baseless.

Meanwhile, India’s Supreme Court ruled in January that the Adani Group won’t face any further investigations beyond Sebi’s current scrutiny, offering relief to the conglomerate. Sebi has been probing the Adani group for tax haven use and stock manipulation. The verdict suggested no heightened regulatory risk for Adani. The court also decided against altering disclosure rules for offshore funds, despite Hindenburg’s claims.

The Adani Group stock rallied in the past two sessions after brokerage IIFL anticipated Adani Enterprises’ inclusion in the BSE Sensex index in June, potentially attracting passive flows. For the first time, a Gautam Adani-owned company will join the benchmark 30-share index, attracting around Rs1,000 crore in passive funds.

Adani Enterprises’ shares have risen by 20 percent this year. Adani’s inclusion could elevate the Sensex’s valuation, currently trading at a forward P/E multiple of 57x. Analysts foresee a 30% upside for Adani Enterprises, with consensus price targets around Rs4,069.

Despite Adani Ports and Special Economic Zone’s presence in the Nifty50 index, inclusion in the Sensex will broaden Adani Enterprises’ investor base, analysts said. Previous attempts to include Adani Enterprises in the Sensex were thwarted by market selloffs following the Hindenburg Research report, it added.

Apart from the Sensex inclusion, improved earnings, cash flows, and reduced debt in Adani Group companies have attracted foreign portfolio investors. Analysts cite Adani’s top-notch infrastructure assets such as ports, airports, and cement plants with strong operational efficiencies as key factors. This also improved sentiment among investors.
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