A family business.

"After weeks of getting hammered by bears, Adani stocks had their best day in a month on Thursday (yesterday) as investors showed buying interest at lower levels. Out of the 10 Adani stocks, eight were trading in the green zone, with NDTV and Adani Power locked in their 5% upper circuit limits." ET. The enthusiastic rise in Adani stocks could be as "India's Adani Group has appointed accountancy firm Grant Thornton for independent audit of some of its companies in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds." Reuters. Adani Enterprises stocks "climbed 5.36 percent in morning trade to hit a high of 1,873.90. As the session progressed, Adani Enterprises shares cut intraday gains to 1.4 percent after the company denied reports that suggested Adani hired Grant Thornton for audits after Hindenburg fallout." BT. However, even "With shares of Adani Enterprises having fallen 62% from its peak of Rs 4,190, valuation guru Aswath Damodaran says the Nifty stock is still not cheap even if the allegations made in the Hindenburg report are incorrect. A detailed calculation shared by the finance professor in his blog shows that the stock's fair value should be around Rs 945 per share." ET. "Reacting to Aswath Damodaran's valuation of Adani Enterprises, veteran fund manager Devina Mehra said," "If the cost of capital of the company increases anywhere between 10% and 12% the fair value of Adani Enterprises drops to Rs 645." ET. Cost of capital may already be going up. "The conglomerate, with businesses stretching from ports to renewable energy, tapped international bond buyers for more than $8 billion in recent years, while also turning to global banks for at least as much in foreign-currency loans, data complied by Bloomberg show. ET. Some of the bonds pared their losses "with many now trading in the 70 cent range." "Still, in a sign of how much funding costs have surged, the yield on Adani Green's September 2024 bond is indicated at about 24%." Stock market gurus, mutual fund managers, "Basically, anyone whose income is dependent on more and more people buying listed stocks, directly as well as indirectly," are "bullish all the time," wrote Vivek Kaul. "The number of demat accounts (essential for investing in stocks) rose to 11 crore (110 million) in January 2023, compared to 8.4 crore (84 million) in the year ago period, implying an increase of 31%." TOI. 2.2 million accounts were added in January alone. Little wonder therefore that "Aftershocks from the Hindenburg report have knocked out over Rs 10 trillion of Adani Group's market value since its publication in late January." Mint. Adani has denied that his friendship with Prime Minister Narendra Modi has anything to do with his meteoric rise. Time. And yet, after Hindenburg's revelation of dirty linen there was an outpouring of Tweets with fake allegations against Hindenburg containing the "same unique spelling error", with BJP leaders endorsing claims by retweeting the lies. The Wire. Will Adani come roaring back? of course. It's a family business, after all. A national family.