The Hindenburg Report made allegations of manipulation of stock prices of Adani Group companies and even raised concerns over Adani Group's highly leveraged balance sheet. After which there was a big fall in the shares and the market cap got cleared by more than $ 100 billion.
Good news has come from the stock market for Gautam Adani and Adani Group companies. After which a rapid rise can be seen in the shares of the company on Wednesday. In fact, the Bombay Stock Exchange has increased the credibility or rather the status of Adani Group companies. According to the information, BSE has increased the circuit limit of shares of 4 companies of Adani Group. This means that now more and more people will be able to invest in the shares of these companies. In such a situation, when the market will open today, apart from these four companies, the effect of this decision can be seen positively on other companies as well.
The limit of these four companies increased
For Adani Green Energy, Adani Transmission and Adani Wilmar, the circuit limit has been revised from 5 per cent to 10 per cent, according to ET's report. The maximum increase has been seen in the circuit limit of Adani Power. Its limit has been increased from 5% to 20%. Shares of Adani Wilmar and Adani Transmission closed at Rs 429.65 and Rs 816.25, respectively, down one per cent each on Tuesday. Shares of Adani Green Energy closed up 0.4 per cent at Rs 991.85 and shares of Adani Power closed up 1.4 per cent at Rs 263.
Recovery has been seen after February
Exchanges periodically review circuit limits to track the movement and volatility in stocks. The change in the limit of the circuit is a part of this review. The change in the limit of the circuit will come into effect from Wednesday. Adani shares have seen some stability after the sharp volatility in recent months due to Hindenburg Research's report against the Adani Group in late January. Most of the company's shares have made a sharp comeback from the 52-week low levels tested in early February, with gains ranging between 25-80 per cent. Adani Enterprises has also emerged as a multibagger stock in the last month. Even though the exchange has revised the circuit limits, it will continue to monitor the movement in the shares and there will be scope for changes in them.
Continuously reducing the debt
The Hindenburg Report made allegations of manipulation of stock prices of Adani Group companies and even raised concerns over Adani Group's highly leveraged balance sheet. After which there was a big fall in the shares and the market cap got cleared by more than $ 100 billion. However, the group has taken several steps to address the concerns of Dalal Street. Which includes premature payment of share backed loan and liquidation of loan taken to acquire Ambuja Cements. Adani Group has recently told that it has reduced its debt by $ 2.65 billion in three months. The group said in a credit note on Monday that the net debt to EBITDA ratio has come down to 2.81 times.
No comments:
Post a Comment