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Adani Shares Surge as Billionaire Commits to Educating Children of Odisha Train Crash Victims

Adani Shares Surge as Billionaire Commits to Educating Children of Odisha Train Crash Victims

Written by Sanjay Kumar

On Monday (June 5), the share prices of Adani group stocks, namely Adani Enterprises, Adani Transmission, and Adani Power, experienced positive movement. At 10:32 am IST, Adani Enterprises’ share price rose by 1.99% to INR 2,493.80 per share. Similarly, Adani Transmission’s shares increased by 3.57% to INR 823.00 per share at 10:33 am IST, and Adani Power’s shares saw a 0.43% rise to INR 256.75 per share.

The rise in Adani group stocks’ share prices occurred even without any significant business updates from the group companies. However, one possible reason for the increased attention on Adani Group firms is the recent announcement made by Gautam Adani, the chairman of the conglomerate. He stated that the Adani Group will finance the school education of individuals who tragically lost their parents in a train accident in Balasore, Odisha.

In a tweet on Sunday (June 4), Adani expressed, “We have decided that the Adani group will take the responsibility for the school education of the innocent people who have lost their parents in this accident.”

It is important to note that the unfortunate train accident in Odisha on Friday (June 2) resulted in the loss of over 270 lives. This triple train accident involving the Bengaluru-Howrah Superfast Express, the Kolkata-Chennai Coromandel Express, and a goods train has been deemed the country’s worst in a century.

Although the railways have ruled out driver error and system malfunction as the cause of the triple train accident, railway officials have suggested the possibility of “sabotage” and tampering with the electronic interlocking system leading to this horrifying incident.

Reportedly, Railway Minister Ashwini Vaishnaw stated that the “root cause” of the accident and the responsible “criminals” have been identified. He explained, “It happened due to a change made in the electronic interlocking and point machine.”

Meanwhile, a public interest litigation (PIL) has been filed in the Supreme Court, urging the court to establish an expert panel to review the railways’ safety measures. The PIL also calls for the government to form an inquiry panel, headed by a retired Supreme Court judge, to investigate the train accident and submit a report to the court within two months.

It should be noted that the Adani group has recently withdrawn from several acquisition opportunities, including the planned purchase of Macquarie Asia Infrastructure Fund (MAIF) for INR 3,110 crore. The group’s focus has shifted towards conserving cash and prepaying debt instead of acquiring new assets.

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