Adani Group stocks in focus; Adani Green hits new high, Adani Gas jumps 16%

The board of directors of Adani Power is scheduled to meet today to consider the proposal for the voluntary delisting of the equity shares of the company.

Shares of Adani Group companies rallied up to 16 per cent on the bourses on the back of heavy volumes on Wednesday. Adani Gas, Adani Green Energy, Adani Enterprises, and Adani Power were trading higher for the fourth straight trading day.

Among individual stocks, Adani Gas surged 16 per cent to Rs 144 on the BSE on the back of an over three-fold jump in trading volumes. Till 10:19 am, a combined 1.06 million equity shares changed hands on the counter on the NSE and BSE.

Adani Power was up 5 per cent at Rs 42.20, ahead of board meeting today to consider the proposal for voluntary delisting of the equity shares of the company. The stock has rallied 16 per cent in the past three days after the Gautam Adani-promoted electric utility company on Friday said its board will meet on Wednesday, June 3, to consider delisting the company from the stock exchanges.

The promoters, Adani Properties, said the objective of the delisting proposal was to enable the Promoter Group to obtain full ownership of the Company, which in turn will provide enhanced operational flexibility. As the Company will no longer remain listed in India, there will be a reduction in dedicated management time to comply with the requirements associated with the continued listings, which can be refocused on the Company's business.

Adani Green Energy hit a new high of Rs 287, surging 16 per cent in the past three trading days. The company on Monday said that there will be no material impact on the company’s profit due to the Covid-19 pandemic.

“The company has been raising invoices to all counterparties regularly and has been receiving the regular payments from all the DISCOMs and counterparties. The company doesn't expect any issue in servicing the debt and other financing arrangements” Adani Green Energy said in an exchange filing.

The consistent performance across assets in April 2020 with solar plant availability of 99.3 per cent compared to 99.5 per cent in April 2019 and wind plant availability of 95.7 per cent compared to 86.2 per cent in April 2019. The operational EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin is consistently maintained at around 90 per cent in April 2020 compared to 89 per cent for FY20, it added.

Among other group companies - Adani Enterprises was up 5 per cent at Rs 158, Adani Transmission up 2 per cent at Rs 190, while Adani Ports and Special Economic Zone was trading flat at Rs 340 on the BSE. In comparison, the S&P BSE Sensex was up 1.1 per cent at 34,196 points.