Six of 10 Adani stocks hit upper circuit on $3-billion loan buzz
Stocks of all the ten listed Adani Group firms ended with gains on Wednesday, continuing the positive momentum amid a recovery in the broader equity market
Agencies New Delhi Adani Group on Wednesday denied a media report that it had secured a $3-billion loan from a sovereign wealth fund, saying that it was false. The denial came via a Bloomberg report.
Earlier in the day, a Reuters report, citing two sources with knowledge of the matter, said that that the conglomerate had informed its creditors on Wednesday that it had secured a $3 billion loan from a sovereign wealth fund.
According to the Reuters report, the credit line from the sovereign wealth fund could be increased to $5 billion, the sources said, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday.
The identity of the sovereign wealth fund was not disclosed in the memo. A third person familiar with the matter said that Adani's management told investors it was from the West Asia. The sources declined to be identified as they were not authorised to speak with media. A spokesperson for Adani did not respond to a Reuters request for comment.
The news had all 10 listed Adani stocks gaining on the bourses on Wednesday with six of them hitting the upper circuit.
Meanwhile, the word of Adani securing fresh credit came a day after group management told bondholders it expected to prepay or repay share-backed loans worth $690 million to $790 million by the end of March.
AEL jumps 15%, all stocks gain
Stocks of all the ten listed Adani Group firms ended with gains on Wednesday, continuing the positive momentum amid a recovery in the broader equity market.
Adani Enterprises stock jumped 14.70 per cent to settle at Rs 1,564.55 on the BSE. In intraday trade, it rallied 15.83 per cent to Rs 1,580. In two days, the company's stock has climbed 31 per cent.
The market valuation of Adani Enterprises has jumped Rs 42,219.95 crore in two days. Adani Transmission advanced 5 per cent, Adani Green Energy rose 4.99 per cent, Adani Wilmar gained 4.99 per cent, NDTV rallied 4.99 per cent and Adani Power climbed 4.98 per cent.
Shares of Adani Total Gas jumped 4.85 per cent, Ambuja Cements (3.32 per cent), ACC (2.14 per cent) and Adani Ports (1.61 per cent). During the day, six of the 10 group stocks hit the upper circuit briefly.
On Wednesday, the BSE Sensex climbed 448.96 points or 0.76 per cent to settle at 59,411.08 points.
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 "Six of 10 Adani stocks hit upper circuit on $3-billion loan buzz")
