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Business News/ Markets / Stock Markets/  Adani Enterprises continues to gain on Q3 show; 4 group stocks hit lower circuit

Adani Enterprises continues to gain on Q3 show; 4 group stocks hit lower circuit

  • Stock of Adani Wilmar surged 3 per cent to trade at 405.40 apiece on the BSE and media firm – NDTV at 195.05 per share, up 3.56 per cent on the bourse

Closeup of a stock market broker.

Shares of most of the embattled Adani Group companies gained in the morning trade on Wednesday, with Adani Enterprises Ltd (AEL) rising 3.30 per cent to trade at 1,808.00 apiece on the NSE after the flagship firm reported a swing to profit in quarter ending December 2022.

Around six Adani group companies were trading in the positive territory, while four were in the red.

On Monday, AEL reported a jump in its consolidated net profit at 820.06 crore in the third quarter of current financial year as compared to a loss of 11.63 crore in the same period a year ago. The company's revenue also soared 42 per cent to 26,612.33 crore.

Shares of Adani Ports and Economic Special Zone climbed 2.22 per cent to trade at 577.65 per share, while ACC increased 1.62 per cent to trade at 1,860.00 per equity share on the exchange.

Stock of Adani Wilmar surged 3 per cent to trade at 405.40 apiece on the BSE and media firm – NDTV at 195.05 per share, up 3.56 per cent on the bourse.

Also, shares of Ambuja Cements were trading 3.30 per cent higher at 347.75 per piece on the BSE.

Meanwhile, as many as four Adani stocks – Adani Transmission, Adani Green Energy, Adani Total Gas, and Adani Power – were locked in their 5 per cent lower circuit limits.

“As the Adani Group shares are high beta stocks with saga of negative news coming on the group stocks, there is negative sentiment on these stocks, but Q3 positive results are attracting the buying interest for Adani Enterprises Ltd," said Kranthi Bathini of Wealthmills Securities.

In the meantime, Adani Group is in talks with lenders to repay a $500 million bridge loan facility it had taken to buy controlling stakes in cement companies ACC Ltd and Ambuja Cements Ltd in 2022, according to a Economic Times report.

The conglomerate is looking to repay the bridge loan with cash this month, said the report, adding that the loan had a tenor of six months and was part of a larger $5.25 billion financing package.

The Adani group companies have been under pressure for the past three weeks and the group stocks have taken a beating on the bourses when US-based short-seller Hindenburg Research through its critical report accused the firm of fraudulent transactions and stock manipulation at the Gautam Adani-led group – allegations the company has denied.

The group's seven listed stocks have together lost more than $120 billion in market value since 24 January.

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ABOUT THE AUTHOR

Meghna Sen

Business journalist tracking markets, companies, economy and crypto for Livemint. She has 6 years of experience with online and print publications. Email: meghnasen08@gmail.com
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