Ahead of Q3 results, Adani Ports, Adani Green, Ambuja Cements shares surge
1 min read . Updated: 07 Feb 2023, 10:29 AM IST
Premium- Adani Enterprises and Adani Ports shares were among the top gainers in Tuesday's early deals
Shares of Adani Enterprises and Adani Ports were among the top gainers in Tuesday's early deals as most of the Adani group stocks, including Adani Transmission, Adani Wilmar gained after the National Stock Exchange (NSE) revised circuit limits of Adani Green and Adani Transmission to 5% from 10%, to prevent large movements in price of stocks in a very short time.
Meanwhile, three Adani Group companies - Adani Ports, Adani Green and Ambuja Cements are due to announce their respective earnings for the third quarter ended December 2022 (Q3 FY23).
Adani Ports shares rose more than 8% in early deals. In January 2023, Adani Ports and Special Economic Zone (APSEZ) handled around 27.6 MMT of total cargo, implying growth of 11% from the year ago period. During April 2022 - January 2023, APSEZ clocked around 280.5 MMT of cargo volumes, witnessing 8% YoY growth, the company had said in its operational update last week.
Ambuja Cements shares surged more than 3% ahead of its Q3 results. The Adani Group has been diversifying its business interests and last year bought cement firms ACC and Ambuja Cements from Switzerland's Holcim for $10.5 billion. Meanwhile, ACC shares were trading over 2% higher on the BSE.
Meanwhile, global brokerage JP Morgan said that Adani Group remained eligible for inclusion in some of its key indices, helping the stocks to rebound after the recent selloff in Adani group stocks, which has caused a rout of over $100 billion in market capitalisation after the US short seller Hindenburg's report on January 24. Adani has rejected in detailed rebuttals the Hindenberg report's allegations of stock manipulation, use of tax havens and criticism that it had unsustainable debt.
On Monday, Chairman Gautam Adani prepaid $1.11 billion in loans ahead of maturity to release pledged shares in Adani Transmission Ltd, Adani Ports and Special Economic Zone Ltd and Adani Green Energy Ltd. The promoter’s early payment will result in the release of 168.27 million shares of Adani Ports, 11.77 million shares of Adani Transmission, and 27.56 million shares of Adani Green, according to a statement by the group on Monday.
