7 Adani Group Stocks Close Higher; Adani Enterprises Soars Nearly 9%
Out of the ten listed Adani Group stocks, seven ended in the positive territory on Wednesday, with Adani Enterprises rallying nearly 9 per cent.
Shares of Adani Enterprises jumped 8.75 per cent, the most among the group stocks on the BSE.
Adani Ports rallied 7.25 per cent, Adani Wilmar went up by 5 per cent, NDTV advanced by 4.99 per cent, Adani Power climbed 4.98 per cent, Ambuja Cements (1.52 per cent) and ACC (0.78 per cent).
However, the stock of Adani Green Energy fell 4.45 per cent, Adani Total Gas went lower by 4.28 per cent and Adani Transmission declined by 1.33 per cent.
In the equity market, the 30-share BSE Sensex climbed 346.37 points or 0.60 per cent to finish at 57,960.09.
Shares of all the ten listed firms of Adani Group ended lower for the second day in a row on Tuesday, with Adani Enterprises tumbling 7 per cent.
The group stockswere down on Tuesday amid reports on debt payments not matching with pledged shares data.
Billionaire Gautam Adani-led promoter group has paid off all of the USD 2.15 billion loans taken pledging their shares in the conglomerate, and only debt at the operating company level remains, Adani Group said, seeking to assure investors of its ability to repay debt.
Adani Group in a statement termed reports of the group not completing repayment of USD 2.15 billion share-backed debt “baseless and deliberately mischievous”.
“Adani has completed full prepayment of margin-linked share-backed financing aggregating to USD 2.15 billion (as was announced on March 12), and all corresponding shares pledged for those facilities have been released,” it said.
While “all share-backed facilities availed by the promoters have been paid off”, residual pledges pertain to debt taken by operating companies, it said.
The statement came after reports cited exchange filings showing banks not releasing a large portion of the promoters’ shares held as collateral to suggest that the debt hasn’t been fully paid off.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
The post is published through a syndicated feed and attributed to NDTV.