Connect with us

Business News

Most of Adani Group shares edged up in morning trade, Adani green rises 3%




Most of Adani Group shares edged up in morning trade, Adani green rises 3%

Shares of Adani Green were up 3% on Friday. (file)


Most Adani Group shares rose in early trade on Friday as the conglomerate sought to boost investor confidence after a short-seller onslaught wiped out billions of dollars in investor wealth.

Adani Green Energy has a refinancing plan that the company will disclose after the financial year ends, an executive of the beleaguered Adani Group informed bondholders on a call on Thursday, sources told Reuters.

Shares of Adani Green were up 3% on Friday after falling nearly 70% since a January 24 report by US short seller Hindenburg Research. Adani Power climbed 5%, while Adani Ports and Special Economic Zone were marginally higher.

Seven of the group’s listed companies have lost about $125 billion in market value after Hindenburg alleged the group improperly used offshore tax havens and stock manipulation, and raised concerns over its high debt levels. Expressed.

Adani Group has dismissed the concerns and denied any wrongdoing.

The Economic Times reported on Friday that the Adani group plans to fully prepay all loans against shares in the next 20 days to ensure that the borrowing is not linked to the value of the shares after the loan is repaid. .

The Adani Group did not immediately respond to a Reuters request for comment on the report.

Avinash Gorakshkar, head of research at Profitmart Securities, said the refinancing plans were positive for sentiment, but the group’s shares would remain volatile.

“We need to know how they are going to meet their future development plans. New funding will not be easy,” he added.

Adani Green Energy bonds offering 2024 and 4.375% coupons rose from 75 cents to 84.5 cents on the dollar on Thursday, according to Tradeweb data.

Adani Enterprises, the flagship firm of Adani Group, was down 1.5% on Friday, while shares of Adani Total Gas, which was worst hit by the report, were down nearly 4%.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

featured video of the day

Reserve Bank of India proposes to allow all incoming travelers to use UPI for merchant payments in India