Adani Group Stocks Tease Recovery Tuesday As Early Loan Payup Seems To Boost Investor Confidence

Five of the Adani Group stocks dipped in red as markets opened on Tuesday. The remaining five saw jumps as markets opened.

What Happened: Adani Group promoters paid up around ₹9,200 crore to free up pledged shares of Adani Ports & Special Economic Zone, Adani Green Energy Ltd, and Adani Transmission. The move is taken to boost investor confidence as the group's stock continues to bleed at the stock market since the release of the Hindenburg report last month.

The company in a statement said, "In light of recent market volatility and in continuation of the promoters' commitment to reducing the overall promoter leverage backed by Adani listed company shares, we are pleased to inform that promoters have posted the amounts to prepay USD 1,114 million ahead of its maturity of September 2024,"

With this prepayment, 168.27 million shares of Adani Ports, 11.77 million shares of Adani Transmission, and 27.56 million shares of Adani Green, held by promoters will be released.

In another supposed boost, U.S.-based financial services giant JPMorgan said that Adani Group companies are still eligible to be included in its bond indexes. "Per current index rules, Adani Group companies remain eligible for inclusion in CEMBI, JACI and JESG indices," the bank said in a statement released on Monday.

The Bank said that the Adani Group which has business ventures ranging from ports to power generation and transmission to renewable energy, has a total notional value of $7.7 billion in JPMorgan’s CEMBI and JACI indexes.

Earlier on Monday, the National Stock Exchange revised the circuit limits of Adani Green Energy and Adani Transmission to 5%. The exchange had earlier also dropped the circuit limit of the two companies from 20% to 10%.

Price Action: This is how the Adani Group shares traded as the markets opened on Tuesday.

Adani Enterprises shares traded 2.25% higher at ₹1,1607.25.

Adani Green Energy was down 5% to trade at ₹843.20.

Adani Ports & SEZ was up 0.44% to trade at ₹548.45.

Adani Power shares traded 5% lower at ₹173.35.

Adani Total Gas shares traded 5% lower at ₹1,467.50.

Adani Wilmar was up 2.69% to trade at ₹388.10.

Adani Transmission shares were up 2.38% to ₹1,291.40.

Ambuja Cement shares traded 0.51% lower at ₹377.50. ACC shares traded 0.53% higher at ₹1,908.90.

NDTV was up 4.43% to trade at ₹224.5.