Shares of two Adani group firms namely Adani Power and Adani Ports and Special Economic Zone Ltd (Adani Ports) are in focus in Monday's trade on company-specific news. In the case of Adani Ports, rating agency ICRA has changed the outlook of long-term rating to 'stable' from ‘negative’ while reaffirming a long-term rating to ICRA AA+. In another development, Adani Ports said it secured top position for its climate actions and environmental performance in assessments done by four global rating agencies.
Adani Power, which had earlier submitted a resolution plan for the acquisition of Lanco Amarkantak Power Limited under the Corporate Insolvency Resolution Process -- as per the provisions of the Insolvency and Bankruptcy Code, 2016 -- said it did not receive any communication from the resolution Professional as "alluded to in the news reports."
Earlier, a report by ET suggested that Adani Power was declared the winning bidder for debt-laden Lanco Amarkantak Power, offering Rs 4,101 crore at the auction held last week. The other two applicants in the fray namely Reliance Industries and a Power Finance Corporation (PFC)-led consortium- did not participate in the auction, the ET reported.
"The company is committed to providing timely and accurate information to stock exchanges and shall notify in a timely manner any further material development pertaining to the above,” Adani Power said.
In the case of Adani Power, India Ratings last week upgraded the credit rating assigned to the term loan facilities of Adani Power from IndA/Positive to INDAA-/Stable. It has also upgraded the credit rating assigned to the working capital facilities of the Company from IndA/Positive/A1 to IndAA-/Stable/A1+.
"The rating agency attributes the rating upgrade to the resolution of key regulatory issues pertaining to various power plants of the Company and receipt of claims, start of commercial operations of the Godda power plant, and adequate coal availability for both tied and open capacities, resulting in healthy capacity utilisation," India Ratings said.
The rating, ir said, also takes into consideration, inter alia, a strong visibility of operating earnings on account of a high degree of capacity tie-ups and domestic fuel supply tie ups, healthy diversification of counterparties, strong credit metrics, adequate liquidity, and improvement in the receivables position.