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Adani Transmission, Adani Wilmar, NDTV Snap 8-Day Losing Streak as Shares Soar 5%

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In intraday trade on Tuesday, shares of the Adani group of companies traded higher on the BSE, recovering from sharp losses over the past eight sessions.

Adani Transmission at Rs 1,324.25, Adani Wilmar (AWL) at Rs 399.40 and New Delhi Television (NDTV) at Rs 225.35 gained 5% in intraday trade on the BSE. These stocks have rebounded 10% from their respective intraday lows.

Meanwhile, shares of Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), ACC, Ambuja Cements and Adani Green Energy rose between 2% and 7%.

However, Adani Total Gas at Rs 1,467.50 and Adani Power at Rs 173.35 are locked in a circuit 5% lower on the BSE. In contrast, the S&P BSE Sensex was down 0.14% at 60,424 at 09:59 am.

Since January 24, Adani Group companies’ share price has fallen 70% following US investment research firm Hindenburg Research.

Meanwhile, promoters of the Adani Group on Monday prepaid loans worth $1.11 billion, releasing pledged shares in three major companies — Adani Green Energy, Adani Ports and Adani Transmission.

In the wake of recent market volatility, promoters have announced a prepayment of $1.11 billion due next September, signalling their commitment to reducing the leverage of promoters backed by public company shares, the group said.

Among individual stocks, group flagship Adani Enterprises traded 7% higher at Rs 1,681 on the BSE. The stock has rebounded 65% from its 52-week low of Rs 1,017.10 hit on February 3, 2023.

Adani Enterprises operates as an incubator to build new businesses in the transport, logistics, energy, and utilities sectors. Adani Enterprises, through Adani New Industries Limited (ANIL), leads the decarbonisation of industry and transport. Adani Enterprises’ other next-generation strategic business investments centre around airport management, roads, data centres and water infrastructure.

Shares of APSEZ were also higher for the third day in a row, gaining 6% to Rs 578 on the BSE. The stock has rebounded 46% from a low of Rs 394.95 last Monday.

Meanwhile, the APSEZ Board of Directors is scheduled to meet today (February 7, 2023) to consider and approve the unaudited financial results for the quarter and nine months ending December 31, 2022.

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