Shares of Adani group cos settle on mixed note; Adani Enterprises jumps nearly 15 pc

PTI | New Delhi | Updated: 07-02-2023 19:19 IST | Created: 07-02-2023 19:19 IST
Shares of Adani group cos settle on mixed note; Adani Enterprises jumps nearly 15 pc
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Shares of Adani group companies ended on a mixed note on Tuesday, with flagship Adani Enterprises rising nearly 15 per cent.

The combined market valuation of the group's ten listed companies has eroded by around Rs 9.2 lakh crore in the last 10 trading sessions starting from January 24, the day when the US-based short-seller Hindenburg Research came out with its adverse report.

Six of the group companies ended in the positive territory on Tuesday. Adani Enterprises zoomed 14.63 per cent to settle at Rs 1,802.50 apiece while Adani Wilmar jumped 5 per cent to end at Rs 399.40 per share on the BSE.

Shares of Adani Ports & Special Economic Zone closed at Rs 553.30, Ambuja Cements at Rs 383.70, ACC at Rs 1,995.50 and NDTV at Rs 216.95. They all settled with more than 1 per cent gains.

Manish Chowdhury, Head of Research at brokerage Stoxbox, said that following a dismal market performance of Adani Group stocks over the last few days, there has been a minor pullback in these stocks, especially Adani Enterprises, Adani Ports, Adani Wilmar, Ambuja Cements and ACC.

''The other Adani group stocks continued to be under pressure which resulted in minor improvement in the overall market capitalisation.The Adani group stocks (including Ambuja, ACC and NDTV) have lost around Rs 9.2 lakh crore or about 48 per cent of their combined market capitalisation in the last ten trading sessions (from 24 January to 7 February 2023),'' he said.

On Tuesday, four of the Adani group companies closed in the red. Adani Power, Adani Green Energy and Adani Total Gas tanked 5 per cent each while Adani Transmission fell 0.77 per cent to settle at Rs 1,251.70.

Adani Power ended the day at Rs 173.35, Adani Green Energy at Rs 843.20 and Adani Total Gas at Rs 1,467.50. These three shares closed at their lower price bands on the BSE.

Deepak Jasani, Head of Retail Research at HDFC Securities said Adani group stocks had a mixed day amidst results from Ambuja Cements, Adani Green and Adani Ports and heated discussion in the Parliament on the group.

''Adani Enterprises rose sharply recovering part of the sharp losses seen in the previous week. Adani Green, Adani Power and Adani Total Gas closed at lower circuits with the first two reversing from gains early in the day suggesting fresh selling pressure at every rise in these stocks,'' he noted.

Adani group, on Monday, said 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 30-share BSE Sensex benchmark ended 220.86 points or 0.37 per cent lower at 60,286.04 points on Tuesday.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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