Why Adani Group Stocks Are Upbeat Today

Shares of all 10 listed Adani Group companies including Adani Enterprises, Adani Power, and Adani Wilmar were in the green in early trade on Tuesday.

What Happened: The oil-to-flour conglomerate on Monday announced that it had repaid loans worth around ₹22,000 crore ($2.65 billion). The group in a statement disclosed that it has successfully repaid $2.15 billion of loans that were secured by pledging shares in its listed companies.

Additionally, it has also repaid $500 million in loans that were taken for the acquisition of Ambuja Cement. The repayment was made along with an interest payment of $200 million, the company added. The embattled group has been looking to prepay/repay its loan in an attempt to deleverage its companies and boost investors’ confidence.

See Also: Why This Analyst Sees Adani Ports Shares Going Up 22%

The credit note also said that the promoters completed the sale of shares in four listed group entities to GQG Partners, a renowned global investment firm for around ₹15,446 crore ($1.87 billion).

“The deleveraging programme testifies to the strong liquidity management and capital access at sponsor level even in volatile market conditions, supplementing the solid capital prudence adopted at all portfolio companies,” the company added in the credit update.

Price Action: Here is how Adani Group stocks traded in the early hours of trading on Tuesday.

Adani Enterprises shares traded 0.66% higher at ₹2,450.

Adani Green Energy was up 0.63% to trade at ₹994.05.

Adani Ports & SEZ was up 0.39% to trade at ₹741.65.

Adani Power’s share price jumped 0.50% to trade ₹260.50.

Adani Total Gas shares were down 0.16 to ₹680.50.

Adani Wilmar was up 0.47% to trade at ₹434.40.

Adani Transmission was down 1.44% to trade at ₹817.

Ambuja Cement shares traded 3.35% higher at ₹453.70. ACC shares traded 1.88% higher at ₹1,845.

NDTV was up 0.46% to trade at ₹239.85.

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