Adani Enterprises zooms over 14%
时间:2024-06-26 12:37:55 阅读(143)
Shares of Adani Enterprises jumped 14.2% on Tuesday to Rs 1,364 apiece, with the group adding Rs 30,043 crore to market capitalisation on Tuesday.
Eight out of 10 Adani group stocks gained in Tuesday’s session, with Adani Total Gas and Adani Transmission the only stocks to be locked in the lower circuit of 5%.
Deven Choksey, founder and MD of KRChoksey Group, said the conglomerate has managed to assuage investor concerns by communicating its position, which the market seems to have understood.
“Selling/short-selling in the group’s stocks has stopped and there has been a revival in buying interest as investors have understood that the company has a convincing proposition and nothing has changed fundamentally,” he said.
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The group is planning to pre-pay or repay share-backed loans worth $690 million to $790 million by the end of March 2023 to boost its credit profile, said a Reuters report on Tuesday. The report added that Adani Green Energy plans to refinance its 2024 bonds via an $800-million three-year credit line. Earlier this month, the group had initiated the process to prepay $1.11 billion of loans backed by share pledges.
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“The stock after the steep heavy erosion has shown signs of bottoming out near the Rs 1,000-1,100 zone, with once again a decent pullback recovery happening to slightly improve the bias. The bounce-back can be anticipated to carry on further till Rs 1,700-1,750 levels, and with the indicator like RSI hovering in the highly oversold zone, the chances of a decent bounce-back cannot be ruled out. The important support base would be maintained the near Rs 1,000-zone, below which the trend can further turn very weak,” Vaishali Parekh, vice president (Technical Research), Prabhudas Lilladher.
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