Adani group stocks stage a rebound led by Adani Enterprises: Group market capitalisation rises by ₹25,575 crore

• Adani group stocks staged a rebound on Wednesday, led by the flagship Adani Enterprises which rose over 8%.
  
• The rebound comes after the Gautam Adani-led group refuted allegations of paying margin-linked loans only in part and not full.
  
• Seven out of the ten Adani group stocks closed the day in the green, while three ended in red.

Adani group stocks staged a rebound on Wednesday, led by the flagship Adani Enterprises that rose over 8%. The group’s combined market capitalisation rose by ₹25,575 crore on Wednesday. Seven out of the ten Adani group stocks closed the day in the green, while three ended in red.

The rebound comes after the Gautam Adani-led group refuted allegations of paying margin-linked loans only in part and not full. On Tuesday, all the ten Adani group stocks tumbled, leading to a decline of ₹58,240 crore in the group’s combined market capitalisation.

“Adani has completed full prepayment of margin-linked share-backed financing aggregating to $2.15 billion and all corresponding shares pledged for those facilities have been released,” Adani Enterprises said in its exchange filing.

The company also shared the existing pledge position across group entities, in addition to the change from the quarter ended December 31, 2022.


Source: Adani Enterprises

Adani group CFO Jugeshinder ‘Robbie’ Singh posted data from the National Stock Exchange and said the report of the pledged shares of promoters in group companies not being released was a ‘deliberate misrepresentation’.


Source: NSE, as on March 29, 2023

Five out of the ten group companies still have a market capitalisation of at least ₹1 lakh crore, after a recovery saw the Adani group regain ₹2.3 lakh crore in market capitalisation in March so far.

On Tuesday, a report by the Economic Times claimed that the Adani group is looking to renegotiate the tenure of its $4 billion loan taken in August last year for the acquisition of ACC and Ambuja Cements from the Holcim group.

Adani Enterprises’ media subsidiary AMG Media Networks also completed the acquisition of a 49% stake in Quintillion Business Media for ₹48 crore.

Four Adani group stocks still down by over 50%

Four Adani group stocks are still down by over 50% of their value since January 24. Adani Total Gas and Adani Transmission have declined the most, while Ambuja Cements and Adani Ports & SEZ have been the most resilient.


Source: NSE, as on March 29, 2023

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