Shares of Adani Enterprises have zoomed over 29 per cent in the last two trading sessions. The stock ended 14 per cent higher yesterday and jumped 15 per cent on Wednesday to hit a day’s high of Rs 1567 on BSE.
Sentiments turned positive amid reports the group was looking to prepay loans, instilling confidence among investors. A report by ET suggested the Adani Group has received a firm commitment for an $800 million debt facility, which will be used to refinance Adani Green Energy’s $750 million 4.375 per cent bond due in September 2024. The report suggested the debt facility can finalise the term sheet in the next five days.
The report came after Reuters suggested that the group was looking to prepay or repay share-backed loans worth $690 million to $790 million by March end. The Adani group is holding a fixed-income roadshow this week in Singapore and Hong Kong to shore up investor confidence.
There are reports that suggest that the banks led by the State Bank of India (SBI) which were conducting an annual review have decided to maintain the status quo on the credit limits of the Adani Group’s flagship firm.
Shares of Adani enterprises hit a 52-week low of Rs 1,017.10 on February 3, 2023, amid a brutal sell-off triggered by the Hindenburg report. The stock is now up over 54 per cent from its 52-week low.
Notably, Adani Enterprises, Adani Ports & SEZ and Adani Green Energy were among the stocks that lifted Adani group’s combined market capitalisation by Rs 39,000 crore to above Rs 7.50 lakh crore mark in Wednesday’s trade. This is the second day of the rise for Adani group shares. Adani group companies had added about Rs 30,000 crore to the group m-cap in the previous session.
Also read: Adani Enterprises, Adani Green, Adani Power: Adani group shares are making a comeback. Here’s why
