(Bloomberg) -- Three of the 10 listed Adani Group stocks surged by their daily limit, headlining a blockbuster day for billionaire Gautam Adani that added $23 billion to his conglomerate’s market value.

Adani Green Energy Ltd., which secured a $1.4 billion loan Tuesday for its renewable project, rallied 20% in Mumbai, along with Adani Total Gas Ltd. and Adani Energy Solutions Ltd. Flagship Adani Enterprises Ltd. closed at the highest level since Jan. 31, leaving it just 16% short of recouping losses from Hindenburg Research’s scathing report earlier this year. Adani Power Ltd. and Adani Ports & Special Economic Zone Ltd. jumped more than 15%.

The spurt to the string of good news that has renewed investor confidence in the group’s stocks in recent weeks. A Bloomberg News report on Tuesday said that the US government had examined Hindenburg’s allegations against the Adani Group and found them irrelevant before granting the conglomerate a $553 million loan for its Sri Lanka port terminal project.


The group saw a relief rally in its shares last month after India’s top court said it won’t take media reports on the conglomerate as the “gospel truth” even as it reserved verdict on its probe into Hindenburg’s allegations. The conglomerate has also secured a $3.5 billion refinancing and billions of dollars in investments from GQG Partners and Qatar Investment Authority in recent months, as it continues to claw back lost ground with investors, lenders and regulators.

“Arguments in India’s Supreme Court and the report of the US government’s view of Hindenburg has triggered a rally in these shares while the overall market has also been on a strong footing,” said Mukesh Jain, a director with Jaipur-based Maverick Share Brokers Pvt. “I expect this momentum to hold.” 

Tuesday’s jump extends the strong gains that have pushed up the ports-to-power group’s market value to over $166.5 billion, the highest since Jan. 30. Still, the combined value is $69 billion short of the level Adani Group commanded before Hindenburg’s Jan. 24 report.

Post the short-seller’s broadside “investor sentiment took the hit and there were doubts over their corporate disclosures,” said Alok Churiwala, managing director at Churiwala Securities Pvt. in Mumbai. But the group has managed to allay investor concerns about the points raised by Hindenburg, he added. 

Adani Green’s $1.4 billion loan deepens the funding for the world’s largest green energy park at Khavda in western India to $3 billion since the project’s financing commenced in March 2021, according to the company’s exchange filing Tuesday.

The hybrid energy project — with wind and solar facilities in the deserts of Gujarat, Adani’s home state — will have a capacity of 17 gigawatts and bolster the company’s aim of installing 45 gigawatt renewable capacity by 2030.

The senior debt facility was secured from a consortium of eight international banks, including BNP Paribas, Rabobank, DBS Bank Ltd, Mitsubishi UFJ Financial Group Inc. and Standard Chartered Plc, the company said in a filing Tuesday.

The fundraising “signals a shift toward business as usual and reducing ratings risk, as the controversy over Hindenburg’s critical report on the group gradually recedes,” Sharon Chen, a Bloomberg Intelligence analyst, wrote in a note Monday. 

--With assistance from Chris Kay and Chiranjivi Chakraborty.

(Updates with details throughout)

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