Adani companies’ shares rally; Adani Enterprises jumps 11%

NEW DELHI: Shares of Adani firms rallied in Friday morning trade after the group sold minority stakes in four of its listed companies to US-based GQG Partners for Rs 15,446 crore. Shares of Adani Enterprises zoomed 11 per cent to Rs 1,784.95 apiece on the BSE.
While Adani Ports stock rallied 7.96 per cent, Adani Transmission, Adani Green Energy and Adani Total Gas gained 5 per cent each. Adani Power jumped 4.99 per cent.
Shares of Adani Wilmar climbed 4.99 per cent, NDTV (4.98 per cent), Ambuja Cements (4.38 per cent) and ACC (3.69 per cent).
Most of the group firms also hit their upper circuit limits in morning trade.
In the broader market, the BSE Sensex traded 673.13 points or 1.14 per cent higher at 59,582.48.
The embattled Adani Group has sold minority stakes in four of its listed companies to GQG Partners for Rs 15,446 crore as the apple-to-airport conglomerate, recovering from a sell-off triggered by a short-seller report, looks to shore up liquidity ahead of the $2 billion debt repayment due in the coming months.
It sold shares in Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd and Adani Green Energy Ltd.
“GQG is investing in Adani portfolio companies which own and operate the largest airport and port platform in India, largest private sector transmission and distribution platform in India and that will generate about 9 per cent of India’s renewable energy capacity by 2030,” it said in a statement on Thursday.
The deal happened through secondary market block deals.
The share-sale is part of the Gautam Adani-led group’s comeback strategy after a damning report from an American short-seller wiped off more than $140 billion of the conglomerate’s market value.
“The US-based investment firm GQG Partners investing Rs 15,446 crore in four Adani stocks might influence the market positively. This money is mainly to be used for retiring debt, which means that the banks that had funded Adani companies will not face any stress,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Adani Group firms maintained their winning run on Thursday, with all the ten listed entities ending in the positive territory.
On Wednesday also, stocks of all the ten listed Adani Group firms ended with gains.

#Adani #companies #shares #rally #Adani #Enterprises #jumps

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button