2 Adani Group stocks hit upper circuit, others trade higher after conglomerate debunks reports on repayment of loans against sharesMarch 31,2023
Adani Group stocks are in focus today after reports claimed that the Ahmedabad-based conglomerate has not completed the repayment of USD 2.15 billion in share-backed debt. The Gautam Adani owned group, however, strongly refuted reports on repayment of loans against shares.
All the ten listed Adani Group stocks -- Adani Enterprises, Adani Power, Adani Ports, Adani Wilmar, Adani Green Energy, NDTV, Adani Transmission, Adani Total Gas, Ambuja Cements and ACC traded in the positive territory after two days of decline.
While Adani Enterprises shares jumped more than 7 per cent to quote Rs 1,717 around 1 PM on NSE, Adani Power shares hit the 5 per cent upper circuit at Rs 182.50. Likewise, Adani Ports shares climbed 5.75 per cent to trade at Rs 628. Adani Wilmar shares were up 4.70 per cent to trade at Rs 386.
Adani Green Energy shares that hit the 5 per cent lower circuit in morning trade, reversed the losses to trade in positive territory around 1 PM, up by 1.30 per cent at Rs 948.
The stock of NDTV also hit the 5 per cent upper circuit at Rs 182.60. Adani Transmission went up by 2.66 per cent at Rs 1,042, Adani Total Gas (1.43 per cent at Rs 923), Ambuja Cements (1.27 per cent at Rs 363.50) and ACC (1.29 per cent at Rs 1634.80).
On Tuesday, shares of all the 10 listed firms of Adani Group finished lower for the second consecutive day after reports on debt payment not matching with pledged shares data spooked the traders.
Adani Group CFO Jugeshinder Robbie Singh termed reports suggesting that the company's March 7 and March 12 announcements did not match with the information available on stock exchanges "deliberate misrepresentation". He said that stock exchanges update data on promoter share pledges at the end of the quarter.
"...they know that relevant exchanges will update end of quarter," he said in a Twitter post. "The deliberate subterfuge will be clear to all once exchanges update the data post end of quarter."
On March 12, Adani Group said that it had repaid USD 2.15 billion of loans that were taken by pledging promoter shares.