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Adani Transmission, Adani Wilmar, NDTV snap 8-day losing streak, surge 5%

Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), ACC, Ambuja Cements, and Adani Green Energy, too, rallied in the range of 2 per cent to 7 per cent

Adani
Photo: Bloomberg
SI Reporter Mumbai
3 min read Last Updated : Feb 07 2023 | 10:27 AM IST
Shares of Adani group companies were trading higher on the BSE in Tuesday's intra-day trade, recovering from the sharp fall recorded over the past eight trading sessions.

Adani Transmission (Rs 1,324.25), Adani Wilmar (AWL) (399.40), and New Delhi Television (NDTV) (Rs 225.35) gained 5 per cent on the BSE in the intra-day trade. These stocks have bounced back 10 per cent from their respective intra-day lows.

Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), ACC, Ambuja Cements, and Adani Green Energy, meanwhile, were up in the range of 2 per cent to 7 per cent.

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However, Adani Total Gas (Rs 1,467.50), and Adani Power (Rs 173.35) were locked in their 5 per cent lower circuits on the BSE. In comparison, the S&P BSE Sensex was down 0.14 per cent at 60,424 at 09:59 AM.

Since January 24, the stock price of Adani group companies have tanked by up to 70 per cent after US-based investment research firm, Hindenburg Research, alleged that the Adani group had engaged in "a brazen stock manipulation and accounting fraud scheme". It also accused the conglomerate of improper use of offshore tax havens, and flagged concerns about the group’s high debt. Adani has denied the short seller's allegations. CLICK HERE FOR RELEASE

Meanwhile, the promoters of the Adani group prepaid loans worth $ 1.11 billion on Monday, thus releasing the pledged shares in three key companies — Adani Green Energy, Adani Ports, and Adani Transmission.

The group said the promoters had posted the amounts to prepay $1.11 billion ahead of their maturity in September next year, after recent market volatility, and thus showing their commitment to reduce promoter leverage backed by listed-company shares. CLICK HERE FOR FULL REPORT

Among the individual stocks, Adani Enterprises, the group flagship company, was trading 7 per cent higher at Rs 1,681 on the BSE. The stock has bounced back 65 per cent from its 52-week low of Rs 1,017.10, touched on February 3, 2023.

Adani Enterprises operates as an incubator, establishing new businesses in transport and logistics, and energy & utility sectors. Adani Enterprises is leading the decarbonization initiative of industries and mobility through Adani New Industries Limited (ANIL). Other next-generation Adani Enterprises’ strategic business investments are centered around airport management, roads, data center and water infrastructure.

Shares of APSEZ were also trading higher for a third straight day with a gain of 6 per cent at Rs 578 on the BSE. The stock has bounced 46 per cent from its last Monday's low of Rs 394.95.

APSEZ is the largest port developer and operator in India with 6 strategically located ports and terminals on the West coast the East coast of India representing 24 per cent of the country's total port capacity, thus providing capabilities to handle vast amounts of cargo from both coastal areas and the hinterland. The company is also developing two transshipment ports at Vizhinjam, Kerala and Colombo, Sri Lanka.

Meanwhile, the board of directors of APSEZ is scheduled to meet today, February 7, 2023, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2022.

Topics :Buzzing stocksAdani GroupMarkets

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