Latest News | Six Adani Group Cos Settle Higher; Four Firms Hit Upper Circuit

New Delhi, Mar 9 (PTI) Shares of six Adani Group firms out of ten listed entities ended the day in positive territory on Thursday amid an overall weak trend in the equity markets.

"Some of the Adani group stocks are still under the 5 per cent circuit limit, and hence the up-move in these stocks may continue for some more time, while Adani Enterprises and Adani Ports may see some consolidation after a sharp up-move," said Deepak Jasani, Head of Retail Research at HDFC Securities.

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The stock of Adani Power closed at Rs 196.05, Adani Transmission at Rs 860.85, Adani Green Energy at Rs 650.55 and Adani Total Gas at Rs 904.95 apiece on BSE.

During the session, shares of these companies jumped 5 per cent each to hit their upper price bands on the exchange.

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In addition, the scrip of Adani Wilmar rose 2.89 per cent to end at Rs 474.50, and NDTV gained 1.40 per cent to close at Rs 245.80 per share.

However, four Adani group companies snapped a six-day winning run, with flagship firm Adani Enterprises stock tanking 4.24 per cent to end at Rs 1,953.10. The company's market valuation dropped to Rs 2.22 lakh crore.

Adani Ports and Special Economic Zone (APSEZ) plunged 2.18 per cent to close at Rs 697.20, ACC dived 1.45 per cent to settle at Rs 1,860.15, and Ambuja Cements fell 1.99 per cent to end at Rs 384.25 on the BSE.

"The Adani Group stocks (including Ambuja, ACC and NDTV) have recovered around Rs 1.6 lakh crore or about 22 per cent of their combined market cap since March 1 till today," Manish Chowdhury, Head of Research at Stoxbox, said.

The 30-share BSE Sensex tumbled 541.81 points or 0.90 per cent to settle at 59,806.28 points. The NSE Nifty fell 164.80 points to settle at 17,589.60 points.

On Wednesday, shares of Adani Group companies closed higher, with the flagship Adani Enterprises closing at a month's high following a six-day gaining streak after the group announced that it has repaid share-based financing of Rs 7,374 crore and will prepay all such remaining loans by the end of the month.

The National Stock Exchange (NSE) and BSE on Wednesday announced that Adani Enterprises, along with two group firms -- Adani Power and Adani Wilmar, will be placed under the short-term additional surveillance measure (ASM) framework Stage - I from March 9.

The bourses had also moved stocks of NDTV and Adani Green Energy to long-term ASM framework Stage - II from Stage I.

Earlier, the NSE and BSE had announced that Adani Enterprises will move out from the short-term ASM framework on March 8.

Meanwhile, more shares belonging to companies of the embattled Adani Group have been pledged as security for loans taken by the group's flagship firm.

SBICap Trustee in notices to stock exchanges said that a further 0.99 per cent shares in Adani Green Energy Ltd were pledged "for the benefits of the lenders" of Adani Enterprises Ltd.

An additional 0.76 per cent shares in Adani Transmission Ltd were also pledged to banks, the trustee said.

SBICap, which is a unit of State Bank of India (SBI), however, did not give details of the loans taken by Adani Enterprises for which the pledge was created.

After taking a beating on the bourses following the report by US-based short seller Hindenburg Research, the group stocks have recovered significantly in the last few trading sessions.

The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it.

The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)