Stock Market: Most Adani Group Firms Rise in Late Morning Trade, Adani Enterprises Gains 14%
On Monday, six of the group companies closed in the red. The combined market capitalisation of the group companies has eroded by Rs 9.5 lakh crore since January 24, when the US-based short-seller Hindenburg Research came out with an adverse report.
New Delhi, February 7: Most of the Adani group companies rose on Tuesday, with flagship Adani Enterprises gaining 14 per cent in late morning trade. Amid volatile trading in the market, eight Adani group firms gained while two were in the red. On the BSE, shares of Adani Enterprises jumped 14.28 per cent to Rs 1,797 and Adani Transmission climbed 5 per cent to Rs 1,324.45, also its upper price band.
Adani Ports and Special Economic Zone rose 5.79 per cent to Rs 577.65, while Adani Green Energy jumped nearly 3 per cent to Rs 913.70. Shares of Adani Wilmar went up 4.99 per cent to hit the upper price band of Rs 399.40. Adani Group Promoters to Prepay USD 1.1 Billion Loans Ahead of Maturity in September 2024.
ACC jumped 3.13 per cent to Rs 2,031.20, Ambuja Cements climbed 3.20 per cent to Rs 391.60, and NDTV surged 5 per cent to reach the upper price band of Rs 225.35. Out of the ten listed companies of the Adani group, two were in the red -- Adani Total Gas slumped 5 per cent to touch the lower price band of Rs 1,467.50, and Adani Power declined 2.93 per cent to Rs 177.10.
On Monday, six of the group companies closed in the red. The combined market capitalisation of the group companies has eroded by Rs 9.5 lakh crore since January 24, when the US-based short-seller Hindenburg Research came out with an adverse report. Adani Group Shares End Lower; Group Companies’ Combined Mcap Dips by Rs 9.5 Lakh Crore.
Adani group, on Monday, said that the promoters will pre-pay USD 1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024.
These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission. The Hindenburg Research report has rattled investor sentiments towards Adani group stocks. In late morning trade, the 30-share Sensex dropped 158.39 points to 60,348.51 points.