Adani Enterprises Rallies 3%, Closes At Month's High After 6-day Streak

Shares of Adani Group companies closed higher on Wednesday, with the flagship Adani Enterprises closing at a month's high following a six-day gaining streak.

Some of the group stocks also hit their upper circuit levels after the group announced that it has repaid share-based financing of Rs 7,374 crore (over USD 900 million) and will prepay all such remaining loans by the end of the month.

The NSE and the BSE on Monday announced that the flagship Adani Enterprises will be moved out from the short-term additional surveillance measure (ASM) framework, which also bolstered the group stocks.

Adani Enterprises shares climbed 2.86 per cent to end at Rs 2,039.65 on the BSE to extend gains for a sixth day on the trot. The market capitalisation of the flagship firm rose to Rs 2.32 lakh crore as the stock soared nearly 70 per cent in the six-day rally.

In addition, shares of Adani Ports and Special Economic Zone (APSEZ) spurted 3.22 per cent to settle at Rs 712.75. Adani Power closed higher at Rs 186.75, Adani Transmission at Rs 819.90, Adani Green Energy at Rs 619.60, Adani Total Gas at Rs 861.90 and Adani Wilmar at Rs 461.15.

Shares of these companies jumped 5 per cent each to hit their upper price bands on the exchange.

Shares of NDTV rallied 4.94 per cent to end higher at Rs 242.40, Ambuja Cements climbed 1.69 per cent to close at Rs 392.05 and ACC gained 1.03 per cent to settle at Rs 1,885 on the BSE.

The 30-share BSE Sensex rose 123.63 points or 0.21 per cent to settle at 60,348.09 points. The NSE Nifty rose 42.95 points or 0.24 per cent to 17,754.40 points.

On Monday, stocks of eight listed Adani Group firms settled with gains and Adani Enterprises rose more than 5 per cent amid positive momentum in the broader equity market.

The National Stock Exchange (NSE) and BSE on Monday announced that they will move Adani Enterprises out of the short-term additional surveillance measure (ASM) framework from March 8.

Last month, both the bourses had put three Adani Group companies, including the flagship firm Adani Enterprises, under the short-term additional surveillance measure framework.

After taking a beating on the bourses following the report by US-based short seller Hindenburg Research, the group stocks have recovered significantly in the last few trading sessions.

The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it.

The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

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