Shares of Adani Ports & Special Economic Zone rebounded 25% per cent from the day’s low on Friday after Fitch Ratings said that there was no immediate impact on the Fitch-rated Adani entities and their securities, and that it expects no material changes to its forecast cash flow. Adani Ports shares, which fell to a fresh 52-week low of Rs 394.95 today, recovered 24.75% to Rs 493.40 on BSE. Adani Ports stock has gained after two days of consecutive fall. Market cap of the firm rose to Rs 1.07 lakh crore. The Adani Ports share is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Later, the Adani Ports stock closed 7.98 per cent higher at Rs 498.85 on BSE. Total 43.35 lakh shares of the firm changed hands amounting to a turnover of Rs 194.65 crore on BSE. The stock hit a 52-week high of Rs 987.90 on September 20, 2022 . On NSE, the stock closed 5.61% or Rs 26 higher to the previous close of Rs 462.45.
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Abhijeet from Tips2trade said, “A sharp recovery in Adani Ports stock today has been more of profit-taking by short sellers than any positive outlook. Even though daily charts are very oversold, only a close above Rs 534 can be used by investors to buy for targets of Rs 629-Rs 667 in the near term. Support will be at Rs 395.”
Earlier in the day, the sentiment around the stock was weak after NSE placed it under the ban in futures and options (F&O) segment for trade on Friday, February 3, 2023. The stock has been put on ban under the F&O segment as it crossed 95% of the market-wide position limit (MWPL), as per the NSE.
Subsequently, the stock plunged 14.51% intraday from the previous close of Rs 462 on BSE. Adani Ports shares have fallen 31.98 per cent in a year and crashed 39.01 per cent since the beginning of this year. Market cap of the firm fell to Rs 92,497.15 crore crore on BSE.
The Fitch report comes after the Hindenburg report last week that alleged that Adani Group was indulged in stock manipulation, accounting fraud and other malpractices.
“There are also no near-term significant offshore bond maturities – earliest in June 2024 for Adani Ports and Special Economic Zone Limited (APSEZ, BBB-/Stable); December 2024 for Adani Green Energy Limited Restricted Group 1 (AGEL RG1, BB+/Stable); and 2026 or beyond for all other entities – reducing refinancing risks and near-term liquidity risks,” Fitch said.Meanwhile, shares of Adani Enterprises, which hit a 52-week low of Rs 1,017.10 earlier today, recovered 38.81 per cent to hit a high of Rs 1,661. The stock, along with a few other Adani group stocks recovered. However, Adani Power was locked at lower circuit limit of Rs 192.05. Adani Transmission scrip was also stuck in the lower circuit of 10 per cent today. Adani Green Energy was down 10 per cent at Rs 934.25 and Adani Total Gas was down 5 per cent at Rs 1,625.95.
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