Adani Group stocks surge over India-US trade deal, Adani Enterprises leads

Shares of Adani Group companies rallied during Tuesday’s early trading session following news of the India-US trade agreement. Adani Enterprises Ltd (AEL) led the surge, approaching the 10% upper circuit limit.

Adani Green Energy and Adani Energy Solutions gained over 7% amidst the broader market uptrend. Other group firms like Adani Ports, Adani Power, Ambuja Cements, and Adani Total Gas also rose by more than 4%.

The positive market sentiment was bolstered by Jefferies identifying Adani Group as a primary beneficiary of the trade agreement. The global financial firm noted the conglomerate’s substantial US exposure alongside sectors like auto ancillaries, solar manufacturing, chemicals, and textiles poised to gain from reduced trade barriers.

The agreement includes a US commitment to lower tariffs on all Indian-made goods to 18%, enhancing bilateral commercial ties between the nations.

In related developments, Japan Credit Rating Agency (JCRA) announced first-time ratings on Friday for three Adani portfolio companies. Adani Ports and SEZ (APSEZ) received an A- rating with a Stable outlook, marking a rare instance of an Indian corporate surpassing the sovereign rating threshold in international assessments.

Adani Green Energy Ltd (AGEL) and Adani Energy Solutions Ltd (AESL) were both assigned BBB+ ratings with Stable outlooks, aligning with India’s sovereign rating.

(With inputs from IANS)