Fri Nov 29 13:06:18 UTC 2024: ## Adani Group Stocks Surge After IHC Reaffirms Support Amidst US Legal Row

**Mumbai, India** – Shares of Adani Group companies experienced a significant rebound on Friday, with several stocks registering double-digit percentage gains. This surge follows a statement of continued support from the International Holding Company (IHC), a major Abu Dhabi sovereign wealth fund, and reassurances from international partners and a credit rating agency.

Adani Green Energy led the rally, soaring nearly 22%, while Adani Energy Solutions jumped almost 16%. Other Adani Group companies also saw increases, though more modest. The broader Indian markets also saw gains, with the Sensex and Nifty indices climbing significantly.

IHC, managing assets close to $100 billion, emphasized that its outlook on its Adani Group investments remains unchanged despite a recent US legal indictment unrelated to Gautam Adani, his nephew, or key executives. The statement comes after the Adani Group itself highlighted that its chairman and key personnel were not named in any charges related to violating the US Foreign Corrupt Practices Act.

International partners, including the Sri Lanka Ports Authority and the Tanzanian government, also reiterated their confidence in their ongoing projects with Adani Group, emphasizing the lack of concerns and compliance with local laws. This includes a recently finalized 30-year concession agreement between Adani Ports and Tanzania for the operation of a Dar es Salaam port terminal.

Further bolstering the group’s position, CRISIL Ratings confirmed the Adani Group possesses sufficient liquidity to meet its financial obligations. The rating agency reported no negative actions from lenders or investors following the US indictment.

While the majority of Adani Group stocks saw gains, Adani Power and Sanghi Industries experienced minor declines. The overall market reaction, however, demonstrates a significant surge in investor confidence following the statements of support from key international partners and reassurances regarding the group’s financial health and the legal issues in the US.

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