Sunday, March 26, 2023

Adani: Six Adani group companies steady at higher levels; Upper circuit imposed on four companies – Usky News

New Delhi: Shares of six out of ten listed entities Adani group firms closed in the positive territory on Thursday amid an overall weak trend in the equity markets.
“some of the Adani Group Shares Still under the 5 per cent circuit range, and hence the rally in these stocks may continue for some more time, while Adani Deepak Jasani, head of retail research at HDFC Securities, said Enterprises and Adani Ports may see some consolidation after a sharp rally.
Shares 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 on the BSE.
During the session, shares of these companies jumped 5 per cent each to hit their upper price band on the exchange.
Besides, Adani Wilmar’s scrip closed up 2.89 per cent at Rs 474.50 and NDTV’s up 1.40 per cent at Rs 245.80 per share.
However, the four Adani group companies ended their six-day winning run, with the stock of flagship firm Adani Enterprises falling 4.24 per cent to close at Rs 1,953.10. The market valuation of the company declined to Rs 2.22 lakh crore.
Adani Ports and Special Economic Zone (APSEZ) closed 2.18 per cent lower at Rs 697.20, ACC closed 1.45 per cent lower at Rs 1,860.15 and Ambuja Cements fell 1.99 per cent at Rs 384.25 on the BSE.
“Adani group stocks (including Ambuja, ACC and NDTV) have recovered nearly Rs 1.6 lakh crore since March 1 till date, or about 22 per cent of their combined market capitalisation,” said Manish Chowdhary, head of research at Stoxbox.
The 30-share BSE Sensex closed at 59,806.28, down 541.81 points or 0.90 per cent. The NSE Nifty closed 164.80 points down at 17,589.60.
On Wednesday, shares of Adani group companies closed higher, with flagship Adani Enterprises closing at a one-month high after six days of gains, after the group announced it repaid share-based financing of Rs 7,374 crore. and shall prepay all the balance. Loan 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 Monitoring Measures (ASM) Framework Stage – I with effect from March 9. ,
The exchanges also moved shares of NDTV and Adani Green Energy from Stage I to the long-term ASM Framework Stage-II.
Earlier, NSE and BSE had announced that Adani Enterprises will exit the short-term ASM framework on March 8.
Meanwhile, more shares belonging to the crisis-hit Adani group companies have been pledged as security for loans taken by the flagship firm of the group.
The SBICap trustee said in a notice to the stock exchanges that 0.99 per cent shares in Adani Green Energy Ltd were pledged to Adani Enterprises Ltd “for the benefit of the lenders”.
The trustee said that additional 0.76 per cent shares of Adani Transmission Limited were also pledged with the banks.
SBICap, which is a unit of the State Bank of India (SBI), however, did not provide details of the loans taken by Adani Enterprises for which the pledge was made.
After taking a beating on the exchanges following a report by US-based short seller Hindenburg Research, the group’s shares have corrected significantly in the last few trading sessions.
The report made several allegations against it, including fraudulent transactions and share-price manipulation.
The group has dismissed the allegations as false, saying it complies with all laws and disclosure requirements.


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