Adani shares register first weekly gain since Sept. Experts recommend these three stocks to buy | Stock Market News
Source: Live Mint
Adani shares to buy: After a heavy beating on alleged bribery reports, shares of the Adani Group have been in an uptrend for the last three sessions. In the previous three sessions, Adani Green Energy’s share price surged from ₹898.55 to ₹1,315.05 apiece on the NSE, logging over 36 per cent rise in just three sessions. Adani Group’s core, Adani Ports share price surged from around ₹1,129 to ₹1,187.50 apiece, registering nearly 5 per cent. In contrast, Adani Energy’s share price surged over 37 per cent in the last three sessions of November 2024. After paring the sharp losses incurred on Tuesday, Adani group shares registered weekly gains for the first time since September 2024.
According to stock market experts, Adani Group shares witnessed intense bargain hunting after the sharp decline in alleged bribery charges in the US court. They said the market seems unmoved by these alleged charges as most of its investors, like GQG Partners, Abu Dhabi’s IHC, and Bank of Japan, strongly supported Gautam Adani and his companies. This helped Gautam Adani and his flagship companies to come out strong after the alleged bribery charges. Asked about the Adani stocks to buy when the market opens on Monday, they suggested buying these three shares: ACC, Ambuja Cement, and Adani Ports.
Why are Adani shares Skyrocketing?
On reasons that are fueling Adani group shares, Mahesh M Ojha, AVP — Research at Hensex Securities, said, “This is for the first time since September 2024 when Adani Groip shares have registered weekly gains. This could happen due to the strong support that Gautam Adani received after the bribery allegations in the US court. Its biggest investor, GQG Partners, was the first to come forward, followed by various other lenders and investors like Abu Dhabi’s IHC, Bank of Japan, etc. This brought confidence among investors and triggered bottom fishing in Adani Group shares.”
Adani Group shares to buy
On whether one can still buy any Adani share despite the sharp rebound, Anshul Jain, Head of Research at Lakshmishree Investment and Securities, said, “Adani Ports share price can be a good addition in one’s portfolio as the company is core of the entire group. Gautam Adani has become a top billionaire today, and he started his journey with this company. So, this company is expected to remain at the core of the entire group. Hence, I recommend investors add Adani Ports shares to their portfolio despite the scrip being available at higher valuations.”
The Lakshmishree Investment and Securities expert said that including Adani Green Energy and Adani Energy Solutions in the futures and options (F&O) segment of the National Stock Exchange drew huge participation from traders and investors, sending these two stocks soaring.
On stocks to buy from the Adani Group of companies, Mahesh M Ojha of Hensex Securities said, “I would recommend fresh investors look at ACC and Ambuja Cement shares. These two Adani Group companies are cash-rich companies. Their balance sheets are very strong, and due to the Government of India’s (GoI’s) focus on infrastructure, demand for cement is expected to remain on the higher side, which is beneficial for these cement companies.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
