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Business News/ Markets / Stock Markets/  Adani Power, Adani Wilmar shares hit upper circuit ahead of Q3 results

Adani Power, Adani Wilmar shares hit upper circuit ahead of Q3 results

Adani Power shares surged to hit the upper circuit level of 5% to ₹182 apiece on the BSE

Adani Power shares hit upper circuit today ahead of Q3 resultsPremium
Adani Power shares hit upper circuit today ahead of Q3 results

Shares Adani Power surged to hit the upper circuit level of 5% to 182 apiece on the BSE in Wednesday's trading session whereas that of Adani Wilmar rose to 419 apiece ahead of their Q3 results due today, as most Adani Group stocks rose, extending their rebound from a selloff that erased more than $100 billion from the Indian conglomerate’s market value.

Adani Power Limited (APL), a part of the diversified Adani Group, is set to announce its earnings for the third quarter ended December 2022. The company is a leading private thermal power producer in India with a power generation capacity of 12,450 MW comprising thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, and Chhattisgarh and a 40 MW solar power project in Gujarat. The stock is up over 68% in a year's period.

Adani Wilmar is joint venture (JV) between the Adani Group and the Wilmar Group. Following the Hindenburg report, Wilmar International Ltd told Bloomberg News that it will continue to support its JV with Adani Group, saying the report had not raised any issues specific to the unit. Adani Wilmar shares have gained over 56% in a year.

Market participants are also awaiting the outcome of MSCI Inc.’s quarterly review of its gauges on February 9. The index provider said last month that it has sought feedback from market participants on Adani Group’s situation and is closely monitoring any information that would prevent the conglomerate’s securities from being eligible for its gauges.

Adani group, on Monday, said the promoters will pre-pay $1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024. These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission.

On Tuesday, six of the group companies closed in the green while four were in the red. The combined market valuation of the group's ten listed companies has eroded by around 9.2 lakh crore in the last 10 trading sessions starting from January 24, the day when the US-based short-seller Hindenburg Research came out with its adverse report.

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Published: 08 Feb 2023, 12:03 PM IST
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