India's Adani Enterprises set to be top Nifty gainer as US drops fraud charges; strong EBITDA boosts sentiment
BUZZ-India's Adani Enterprises set to be top Nifty gainer as US drops fraud charges; strong EBITDA boosts sentiment ** Shares of Adani Enterprises ADEL.NS on track to be top Nifty gainer for May; rising 23% to 2,960 rupees
** Set for ninth straight weekly gains, longest winning streak since September 2022
** Nifty 50 .NSEI index gains 0.24% over the week
** Adani Group's flagship co extends rally after Trump administration moved to dismiss criminal fraud charges against billionaire Gautam Adani, removing a major legal overhang
** Removal of the legal overhang is a positive and could support debt refinancing and fundraising for new projects, says Deven Choksey, managing director at DRChoksey FinServ
** Jefferies ("Buy"; PT: 2,800 rupees) highlighted co's March-qtr EBITDA was stronger YoY driven by its airports, copper and new industries business
** Shares of key Adani group stocks rise between 8.9% and 24.3% during May
** YTD, ADEL up 31.2% vs Nifty 50 down 9%
(Reporting by Mridula Kumar in Bengaluru)
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