Shares of Adani Ports rallied over 23% in the last five days after the group received a shot in the arm on a Bloomberg report that quoted unnamed officials in the US International Development Finance Corporation (DFC) as saying that the allegations by Hindenburg Research were not relevant.
Adani Ports share price: All listed Adani Group stocks, including Adani Ports, logged decent gains today after it was reported that the US government found short-seller Hindenburg Research's allegations of corporate fraud against Indian billionaire Gautam Adani were not relevant.
Adani Ports and Special Economic Zone plans to explore new opportunities in neighboring countries such as Bangladesh, East African nations, and Southeast Asian countries like Tanzania and Vietnam.
Adani Ports reported a decent Q2FY24 with stable operational numbers; PAT, however, was marred by a MAT credit write-off. H1 cargo volumes at 203 mmt were robust.
Adani Ports share price rose almost 3% after the company said US International Development Finance Corporation (DFC) will fund Adani’s joint venture in Sri Lanka for $553 million.