Adani group stocks surged up to 13% on Wednesday after Gautam Adani moved a US court seeking dismissal of the Securities and Exchange Commission’s (SEC) civil case. The move has boosted investor sentiment across Adani Group firms.The rally followed a development in a New York federal court, where lawyers representing Gautam Adani said that they would seek dismissal of the case, arguing there was no credible evidence to support allegations of a bribery scheme, Reuters reported.The US District Court also granted a pre-motion conference in the matter, adding to market optimism.Which stocks surged?Shares of major Adani Group companies saw sharp gains during the session. Adani Green Energy jumped as much as 13% to hit an intraday high of Rs 1,046 on the BSE, while Adani Enterprises rose around 11% to Rs 2,090.Adani Ports and Special Economic Zone also gained significantly, while other group stocks including Adani Energy Solutions, Adani Power, Adani Total Gas, ACC and Ambuja Cements rose to 8%, according to ET.The sharp rally added nearly Rs 96,000 crore to the total market capitalisation of Adani Group companies during the day.What is the case about?The SEC had charged Gautam Adani and his nephew, Sagar Adani, in November 2024, alleging they orchestrated a scheme to pay or promise hundreds of millions of dollars in bribes to Indian government officials to benefit Adani Green Energy.The case is also linked to allegations that the company failed to disclose the scheme in documents related to a $750 million bond offering in 2021.In their court filing, the Adanis’ lawyers argued that the claims were “impermissibly extraterritorial,” highlighting that the alleged actions took place in India and the bonds were not traded on any US exchange.They also said there was no intent to defraud or negligence and no direct involvement of the Adanis in the bond offering.Investor sentiment was also supported by a positive outlook for Adani Green Energy. Global brokerage Macquarie maintained an “outperform” rating on the stock and raised its target price to Rs 1,320, implying a potential upside of around 43%.The brokerage cited strong capacity additions and projected robust growth, with EBITDA expected to grow at over 25% CAGR over the next five years.In addition, easing global tensions after the Iran-US ceasefire and a sharp fall in crude oil prices boosted broader market sentiment, lifting both Sensex and Nifty by around 4% and supporting gains across Adani Group stocks.Adani Group’s lawyers have said that they will formally seek a ‌dismissal of the case by April 30.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)