Adani Ent jumps over 5% as most groups cos settle in positive territory

Posted on by

The majority of Adani Group shares closed in positive territory on Wednesday, with Adani Enterprises up more than 5 per cent, after US-based boutique investment firm GQG Partners and other investors bought nearly $1 billion additional stakes in the group’s companies as billionaire Gautam. Adani continues to rebuild confidence in the market ever since he was hit by a damning report from a short seller in the US.

Shares of the leading company, Adani Enterprises, jumped 5.34 percent on the Bahrain Stock Exchange.

Adani Transmission rose by 5.93%, Adani Ports by 5.12%, Adani Total Gas (2.26%), Adani Wilmar (1.83%), ACC (1.31%), Adani Power (0.59%) and Ambuja. cement (0.07%).

However, shares of Adani Green Energy fell 0.16 percent and NDTV fell 0.32 percent.

Investors bought 18 million shares, or 1.6 percent, of the Adani family in group flagship Adani Enterprises Ltd in a single transaction. A total of 35.2 million shares, or 2.2 percent, were traded in renewable energy company Adani Green Energy, sources familiar with the matter said.

Stock market data showed heavy trading in both companies in early Wednesday trading.

GQG Partners has been ramping up its investment in the conglomerate since Hindenburg Research reported in a report riddled with accounting fraud and share price manipulation in the conglomerate, resulting in a stock market rout that wiped nearly $150 billion from its market value at its lowest point. .

The Adani Group has denied all of Hindenburg’s allegations and is planning a comeback strategy that includes reframing its ambitions, canceling acquisitions, prepaying debt to address concerns about cash flow and borrowings, and reducing the pace of spending on new projects.

Sources said the Adani Enterprises block trade traded at 2,300 rupees, on top of the closing price of 2,281.75 rupees on the Bahrain Bourse on Tuesday. For Adani Green, trades are priced from Rs 920 to Rs 924.75, which is a discount to Tuesday’s closing price of Rs 959.90.