Image for representational purposes only.
| Photo Credit: Reuters

Shares of Adani Enterprises went up by 4%, Adani Wilmar (3.23%), ACC (3%) and Ambuja Cements (2.71%) on the BSE. 
| Photo Credit: Reuters

Shares of nine of the ten Adani group firms climbed on the bourses in morning trade on Monday (November 25, 2024), with Adani Energy Solutions surging nearly 7%, in-tandem with a rally in the equity market.

The stock of Adani Energy Solutions jumped 6.89%, Adani Green Energy soared 6.42%, Adani Total Gas surged 5.33%, Adani Ports climbed 4.64% and Adani Power rallied 4.17% on the BSE.

Billionaire Gautam Adani’s group on Saturday (November 23, 2024) clarified on reports of Kenya cancelling more than $2.5 billion in deals after the U.S. indictment on bribery charges, saying it had not entered into any binding agreement to operate Kenya’s main airport.

On the pact it had signed last month to build and operate key electricity transmission lines in Kenya for 30 years, the group said the project did not fall within the ambit of SEBI’s disclosure regulations, thereby not warranting any disclosure on its cancellation.

The group was responding to notices sent by stock exchanges to confirm reports of Kenyan President William Ruto ordering the cancellation of a procurement process that had been expected to award control of the country’s main airport after the conglomerate’s founder was indicted in the United States.

Adani Enterprises Limited, the flagship firm of Gautam Adani’s group which houses its airport business, in a filing said it had in August this year incorporated a step-down subsidiary in Kenya to upgrade, modernise, and manage airports.

“While the company was in discussion with the relevant authority for the said project, till date neither the company nor its subsidiaries (i) have been awarded any airport project in Kenya, or (ii) entered into any binding or definitive agreement in connection with any airport in Kenya,” the firm said.