Home Uncategorized Adani group shares advance; Adani Enterprises rallies 3 % to end at month’s high

Adani group shares advance; Adani Enterprises rallies 3 % to end at month’s high

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Adani group shares advance; Adani Enterprises rallies 3 % to end at month’s high

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Press Trust of India ( )

Shares of Adani Group companies closed higher on Wednesday, with the flagship Adani Enterprises closing at a month’s high following a six-day gaining streak.

Some of the group stocks also hit their upper circuit levels after the group announced that it has repaid share-based financing of Rs 7,374 crore (over $ 900 million) and will prepay all such remaining loans by the end of the month.

The NSE and the BSE on Monday announced that the flagship Adani Enterprises will be moved out from the short-term additional surveillance measure (ASM) framework, which also bolstered the group stocks.

Adani Enterprises shares climbed 2.86% to end at Rs 2,039.65 on the BSE to extend gains for a sixth day on the trot. The market capitalisation of the flagship firm rose to Rs 2.32 lakh crore as the stock soared nearly 70% in the six-day rally.

In addition, shares of Adani Ports and Special Economic Zone (APSEZ) spurted 3.22% to settle at Rs 712.75. Adani Power closed higher at Rs 186.75, Adani Transmission at Rs 819.90, Adani Green Energy at Rs 619.60, Adani Total Gas at Rs 861.90 and Adani Wilmar at Rs 461.15.

Shares of these companies jumped 5 % each to hit their upper price bands on the exchange.

Shares of NDTV rallied 4.94% to end higher at Rs 242.40, Ambuja Cements climbed 1.69% to close at Rs 392.05 and ACC gained 1.03% to settle at Rs 1,885 on the BSE.

The 30-share BSE Sensex rose 123.63 points or 0.21% to settle at 60,348.09 points. The NSE Nifty rose 42.95 points or 0.24% to 17,754.40 points.

On Monday, stocks of eight listed Adani Group firms settled with gains and Adani Enterprises rose more than 5% amid positive momentum in the broader equity market.

The National Stock Exchange (NSE) and BSE on Monday announced that they will move Adani Enterprises out of the short-term additional surveillance measure (ASM) framework from March 8.

Last month, both the bourses had put three Adani Group companies, including the flagship firm Adani Enterprises, under the short-term additional surveillance measure framework.

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.



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