8 out of 10 Adani stocks gain on loan repayment report; 4 scrips hit lower circuit, then jump to upper circuit
时间:2024-06-29 02:39:55 阅读(143)
Eight out of ten Adani Group stocks pared losses after falling in early trade, to stage a sharp recovery on the back of reports suggesting that the group will prepay or repay share-backed loans by March-end. The loans are worth $690 million to $790 million, as the conglomerate seeks to burnish its credit profile after a short-seller attack, according to Reuters. Adani Enterprises fell 7.5% in the morning to Rs 1,103.8 but recouped all losses, to surge 26% from intraday low to hit the day’s high of Rs 1,391.85. The scrip is currently trading 14% higher, on track to snap a seven-day losing streak.
Adani Power, Adani Green Energy, NDTV and Adani Wilmar hit upper circuit of 5%, reversing their position from hitting lower circuit in the morning. Adani Ports gained 9.3% from Monday’s closing price to hit a day’s high of Rs 614.45 on the NSE. “Adani Ports and SEZ … has demonstrated its ability to successfully construct /acquire assets in India and create significant value for stakeholders. APSEZ has delivered supreme market share gains in India in the past decade and is expected to sustain that in future with organic and inorganic growth,” said JM Financial in a note on Tuesday morning, recommending investors buy the scrip with a target price of Rs 800 per share.
Adani Group’s market capitalisation has fallen over 60% in the past one month, moving near Hindenburg Research’s target of 85% downside. The US-based short-seller published a report on January 24, named ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’, which led to the significant downfall of Adani Group stocks. Hindenburg accused the Adani family of stock manipulation and money laundering and said that its 7 key listed companies have an 85% downside purely on a fundamental basis owing to sky-high valuation.
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