Shares of Adani Enterprises Ltd ended 24% higher from the day’s low today amid a report that said banks led by the State Bank of India (SBI) who were conducting an annual review have decided to maintain status quo on credit limits of the Adani Group’s flagship firm. Sentiment around the Adani Enterprises stock also turned positive after a report said the Adani Group plans to prepay or repay share-backed loans worth between $690-790 million by end of March this year. This plan comes as the conglomerate seeks to polish its credit profile after the damning report by Hindenburg Research eroded its fortunes.
Adani Enterprises shares closed 14.22% or Rs 169.85 higher at Rs 1,364 against the previous close of Rs 1,194.20 on BSE. Compared to the intraday low of Rs 1,103, the stock surged 24% to the closing level of Rs 1364.05. It closed higher today after seven days of fall. Earlier, Adani Enterprises stock slipped 7.64% intraday to Rs 1103 on BSE. During the day, it also touched an intraday high of Rs 1,421.95 rising 19.07% on BSE. The stock has lost 17% in a year and fallen 64.66% in 2023.
Total 20.71 lakh shares of the firm changed hands amounting to a turnover of Rs 267.10 crore on BSE. Market cap of the firm rose to Rs 1.55 lakh crore on BSE.
In terms of technicals, the relative strength index (RSI) of the stock stands at 21.5, signaling the stock is extremely oversold. The stock has a one-year beta of 1.6, indicating high volatility during the period. Adani Enterprises shares are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Meanwhile, Adani Ports hit an intraday high of Rs 614.6, up 9.36%. Later, the stock closed 5.44% to Rs 592.60 on BSE. Adani Total Gas closed 5% lower at Rs680.20. It opened and closed at the same level today. Adani Wilmar stock hit an intraday high of Rs 361.4, up 5% on BSE. Later, the stock ended at the same level. It also hit an intraday low of Rs 327, down 5% on BSE. Market cap of the firm closed at Rs 46,970 crore.
Stock of Adani Ports rose 9.36% intraday to Rs 614.6 on BSE. Later, the stock closed at Rs 592.60, up 5.44% against the previous close of Rs 562. Market cap of the port operator rose to Rs 1.28 lakh crore.
Stock of Adani Transmission fell 5% intraday to Rs 642.55 on BSE. Later, the stock closed at the same level against the previous close of Rs 676.35. Market cap of the firm fell to Rs 71,675.98 crore.
However, the stock of Adani Power ended 5% higher at Rs 146.45 against the previous close of Rs 139.50. Market cap of the firm rose to Rs 56,484 crore on BSE.
Meanwhile, Adani Green Energy shares closed 5% higher at Rs 485.55. The stock has gained after six days of consecutive fall. Earlier, the stock opened with a loss of 5% at Rs 439.35 on BSE today.
As per Bloomberg Billionaires Index, billionaire Gautam Adani’s net worth slipped to $37.7 billion and he was 32nd on the global rich list today. Forbes’ Real-Time Billionaires List, on the other hand, ranked Adani at the 33 rd spot and pegged his net worth at $ 35.1 billion.
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