Adani Enterprises shares jump 5% after IHC investment; Adani Total, Adani Green, Adani Wilmar extend fall

By admin On Jan 31, 2023

Shares of Adani Enterprises jumped 5 per cent in Tuesday’s trade after International Holding Company (IHC) announced Rs 3,200 crore investment in the Adani group flagship’s follow-on public offer (FPO). Adani Ports & SEZ was trading flat, as the stock exchanges sought clarification from the company regarding reports suggesting Adani group was mulling a buyback proposal. Other Adani group stocks such as Adani Total Gas, Adani Green, Adani Transmission and Adani Wilmar and Adani Power extended their recent falls.

Shares of Adani Enterprises gained 5.26 per cent to hit a high of Rs 3,030 after Abu Dhabi’s IHC said it will invest $400 million (Rs 3,200 crore) in the Adani Enterprises’ FPO through its subsidiary Green Transmission Investment Holding. IHC said it will subscribe to 16 per cent of Adani Enterprises’ $2.5 billion FPO.

The IHC announcement came, ahead of the conclusion of the issue later on Wednesday. The FPO so far received 3 percent subscription. Marketmen tracking the FPO said the issue can still sails through if the offer gets at least 90 per cent bids. The Adani group flagship is banking upon institutional and long-term strategic investors for the issue to get required subscription. It already raised Rs 5,985 crore by allotting shares to anchor investors.

In the case of Adani Ports, the stock edged 0.80 per cent lower at Rs 592.10.BSE has sought clarification from the company on a media report that suggested the Adani Group was planning a Rs 3,000 crore buyback for Ambuja Cements and Adani ports. Ambuja Cements added 2.25 per cent to Rs 396.15.

Adani Power hit its 5 per cent lower circuit at Rs 223.90. Adani Transmission fell 4.67 per cent to Rs 1,630.25. Adani Green was down 7.8 per cent at Rs 1,095.05. Adani Total Gas fell 10 per cent to Rs 2,112.90. Adani Wilmar slipped 5 per cent to Rs 466.90. Other group stock ACC was flat at Rs 1,911, ahead of quarterly earnings.

Meanwhile, NDTV fell 5 per cent to Rs 231.40.

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