Ad image

Adani Power, Adani Ports, Adani Green, Adani Total Among Adani Group Stocks Rise As Nomura Finds Them Most Attractive Among India Inc

2 Min Read

Most shares of Adani group companies rose in early trade on Monday after Nomura said it was the most attractive among India Inc. The market capitalization of Adani group companies rose by Rs 1,662 crore. 6 billion to 13.59 billion rupees as of 9:23 a.m.

Nomura also said the Gautam Adani-led conglomerate would be able to withstand the recent turmoil caused by the US Justice Department’s indictment because of improved liquidity management.

In late November, shares of Adani group companies fell after it was reported that group officials had been indicted on bribery charges under the U.S. Foreign Corrupt Practices Act. Share prices began to recover after Adani Green Energy Ltd. revealed that the group’s senior management has not been indicted under the US FCPA.

After the company’s explanation, ace investor Mark Moebius dismissed the Justice Department’s charges as a frivolous expense. “My guess is that when Donald Trump takes office and whoever he appoints to run the Justice Department, what are you guys doing? Sticking their noses into Indian business? Why not spend all this money on a lawsuit that probably won’t do any good? ” he told IANS.

Nomura said that even if Adani’s promoters are found guilty, the size of the potential fine is manageable given that it is up to three times the value of the bribe. For Azure management, the amount of the penalty could also take into account the cash flow and operational status of the affected projects, in which case the amount could be lower, the brokerage said.

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Exit mobile version