Why Adani Group Stocks Jumped Back In Green Today

Adani Group stocks bounced back at the bourses after a rough start to the week. All 10 listed stocks of the group were in the green on Thursday morning.

What Happened: Media reports suggest that the conglomerate is engaging in discussions with global banks regarding the refinancing of the debt it incurred to finance the acquisition of Ambuja Cements Ltd. The refinancing efforts are expected to involve a total of $3.5 billion (₹29,000 crore).

The Gautam Adani-led conglomerate is planning to make a minimum repayment of $300 million on the initial Ambuja facility. As per reports, the energy-to-media giant has been engaged in discussions with lenders for several months, aiming to refinance a substantial portion of the $3.8 billion (₹31,500 crore) debt acquired for the Ambuja acquisition.

See Also: Reliance Retail Eyes $1.5B Investment From Gulf And Singapore Funds

Under this plan, DBS Group Holdings Ltd., First Abu Dhabi Bank PJSC, Mizuho Financial Group Inc., Mitsubishi UFJ Financial Group, and Sumitomo Mitsui Banking Corp. are each set to provide approximately $400 million (₹3,320 crore) in loans, while other banks will contribute smaller amounts to the refinancing effort.

The report comes amid increasing troubles for the group. On Wednesday, reports suggested that a former Adani contractor has asked the court for permission to intervene in the Adani-Hindenburg case. He states that he has knowledge of the group’s money-shifting practices that could help in SEBI’s investigation. SEBI has also been accused of shielding the group. PILs have been filed in the Supreme Court against the market’s regulator’s handling of the Adani investigation.

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

Adani Enterprises shares traded 0.78% higher at ₹2,535.80.

Adani Green Energy was down 0.69% to trade at ₹990.95.

Adani Ports & SEZ was up 0.23% to trade at ₹852.00.

Adani Power’s share price jumped 1.18% to trade at ₹380.95.

Adani Total Gas shares were up 0.89% to trade at ₹641.95.

Adani Wilmar was up 0.78% to trade at ₹355.15.

Adani Transmission was up 0.54% to trade at ₹841.50.

Ambuja Cement shares traded 0.023% higher at ₹443.80. ACC shares traded 0.83% higher at ₹2,079.95.

NDTV was up 0.55% to trade at ₹219.45.

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Posted In: MoversTrading IdeasAdani GroupAmbuja Cements