The share price of Adani Group companies surged today. This is after the Competition Commission of India (CCI) cleared it of allegations of bid rigging and abuse of dominance in large-scale solar power project allocations.
The Adani Power share price was up nearly 1%. Adani Total Gas was up over 2%. Adani Green Energy gained 0.44% while Adani Ports & Special Economic Zone were up 1.6%. Many other Adani firms were also trading in the green.
CCI on Adani Group: ‘No prima facie case of contravention’
In its ruling, the CCI stated that it identified “no prima facie case of contravention” regarding competition law and closed the matter under Section 26(2) of the Competition Act, which permits dismissal at the initial stage without initiating an investigation.
“The Adani Group, prima facie, does not seem to be a dominant player in the power generation market in India,” the Commission said. “There is no clear evidence on record which may establish a dominant position or its abuse,” it said.
The complaint was lodged by an individual alleging anti-competitive behaviour, such as bid rigging, abuse of dominance, and collusion in the awarding of solar power projects linked to manufacturing under a tender issued by the Solar Energy Corporation of India (SECI).
MFs buy Adani Group stocks in March
Adani Power, Adani Enterprises, Adani Green Energy, Adani Ports, ACC, Sanghi Industries, Ambuja Cements, and Adani Total Gas continued to see buying interest from Mutual Funds. According to data compiled by PRIME Database, fund managers acquired shares worth Rs 3,122 crore in these seven Adani group companies in March.
For Adani Enterprises, the flagship company in the Adani group, mutual fund ownership increased to 2.84% in March from 2.16% in February, as domestic funds invested a net amount of Rs 1,695.40 crore in Adani Enterprises shares throughout the month. By the end of March, mutual funds held Adani Enterprises shares valued at Rs 6,454.28 crore, compared to Rs 6,023.62 crore at the end of February.
Jefferies on Adani Enterprises
Meanwhile, brokerages have been cautious on some of the Group stocks. Jefferies slashed the price target for Adani Enterprises to Rs 2,600 from Rs 2,750, while maintaining a ‘Buy’ rating, suggesting an implied upside of approximately 22%.
The brokerage pointed out that reduced near-term airport traffic and a slower ramp-up in the copper sector were the key reasons for the downgrade in target, which led to a decrease of 3% to 7% in its earnings before interest, tax, depreciation, and amortisation forecasts for FY26 to FY28. Nonetheless, Jefferies believes that significant growth across airports, new energy, roads, and copper starting in FY27 should lead to a substantial recovery in earnings, reinforcing its positive outlook.
Conclusion
Overall, the focus is on the power demand going forward and how it impacts share price movement. Several analyst reports indicate that, given the erratic weather conditions in several parts of the country, power demand may shoot up in the second half of 2026.