Select Adani group shares rally; Adani Enterprises jumps 29% from day's low

featured image

Of the10 Adani group stocks, 8 were trading firm on Tuesday led by Adani Enterprises, which zoomed 19 per cent to its intra-day high of Rs 1,421.95 apiece on the BSE. The upmove in the stocks came on the back of heavy volumes.

Adani Enterprises, Adani Wilmar, Adani Power, Adani Green Energy, Adani Ports and Special Economic Zone, Ambuja Cements, ACC and New Delhi Television Limited (NDTV) were trading with gains of 3-13 per cent on the BSE, at the time of writing this report.

However, Adani Transmission (Rs 642.55) and Adani Total Gas (Rs 680.20) were locked in the 5 per cent lower circuit. In comparison, the S&P BSE Sensex was down 0.25 per cent at 59,137.67 at 12:59 pm.

Since January 24, the market value of 5 Adani group companies – Adani Total Gas, Adani Green Energy, Adani Transmission, Adani Power and Adani Enterprises – has declined between 52 per cent and 83 per cent after US short-seller Hindenburg Research accused it of accounting fraud and stock manipulation. The remaining 5 stocks have seen price erosion in the range of 27 per cent to 39 per cent.

According to a Reuters report, Adani Group plans to prepay or repay share-backed loans worth between $690 million and $790 million by end of March this year, as it seeks to burnish its credit profile after a short-seller attack.


Meanwhile, according to Bloomberg, Adani Group isn’t seeking to refinance debt or inject capital, its finance chief said on the sidelines of an investor roadshow aimed at rebuilding confidence in the crisis-ridden Indian conglomerate.

The executive’s comments came after the company said Monday the group has enough money to repay debt due over the next three years in addition to an $800 million credit facility.


Among the individual stocks, Adani Enterprises, the group flagship company, bounced back 29 per cent from its intra-day low of Rs 1,103 on heavy volumes. At 1:30 pm, it was quoting 13.5 per cent higher at Rs 1,355. The average trading volumes on the counter jumped three-fold. A combined 20.7 million shares had changed hands on the NSE and BSE.

Read More

Post a Comment

Previous Post Next Post