After falling steeply in Tuesday morning, many Adani group stocks staged a strong rebound as the session progressed amid a Reuters report that suggested the Gautam Adani-led group was planning to prepay or repay share-backed loans worth $690 million to $790 million by March-end.
Shares of Adani Enterprises, which hit a low of Rs 1103 earlier today, surged 10 per cent to hit a high of Rs 1,313.60. From day’s low of Rs 132.55, shares of Adani Power climbed 10.48 per cent to Rs 146.45.
Adani Green Energy was up 10.51 per cent from day’s low of Rs 439.35. This scrip stood at Rs 485.55 at 11.55 am. The Reuters report quoting sources said Adani Green Energy was planning to refinance its 2024 bonds via an $800 million, three-year credit line.
The plan, Reuters said, comes even as the group holds a fixed-income roadshow this week in Singapore and Hong Kong to shore up investor confidence amid share price falls and a regulatory probe.
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Reuters had earlier report that the Adani Group has denied media reports suggesting the conglomerate was in talks with global credit funds to raise up to $400 million in debt against some of its Australian assets.
Among other Adani group shares, Adani Wilmar was up 3.7 per cent at Rs 357. Adani Ports gained 4.52 per cent to Rs 587.40. JM Financial has initiated coverage on this stock with a ‘buy’ rating and a March 2024 target price of Rs 800, suggesting a potential 36 per cent upside over the prevailing price.
The domestic brokerage said it expects Adani Ports to remain the market leader in India with volume growth of 16 per cent, translating into revenue growth of 15 per cent, Ebitda growth of 15 per cent and PAT growth of 13 per cent, compounded annually over FY23-25E.
Ambuja Cements was up 5.4 per cent at Rs 347.50. ACC also gained 2.96 per cent to Rs 1,744.50. Adani Transmission cut gains to 3.2 per cent. It was down 5 per cent earlier.
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