Adani Group shares trade firm in weak market; Adani Enterprises, AWL up 3%

Adani Enterprises, the flagship company of Adani Group, was up 3% to Rs 4,057.35 on the BSE in intra-day deal,. It was trading close to its record high level of Rs 4,098.10 touched on November 16

Shares of Adani Group companies were trading firm, gaining up to 3 per cent on the BSE in Tuesday's intra-day trade, in an otherwise weak market amid positive newsflow.

Adani Enterprises (AEL), Adani Power, Adani Transmission, Adani Wilmar, Adani Ports and Special Economic Zone, Adani Total Gas, Adani Green Energy, Ambuja Cements and ACC gained in the range of 1 per cent to 3 per cent in the intra-day trade. In comparison, the S&P BSE Sensex was down 0.51 per cent at 62,514 at 02:48 PM.

Among individual stocks, the Group's flagship company -- Adani Enterprises -- edged 3 per cent higher to Rs 4,057.35 on the BSE in the intra-day trade today. The stock had hit a record high of Rs 4,098.10 on November 16.

Last month, AEL announced that it will raise Rs 20,000 crore through a follow-on public offer (FPO). According to a report by Bloomberg, the fundraiser would help the group deleverage and provide support to the companies' dollar bonds. It is further expected to boost the group's debt ratios, stock liquidity, and investor base.

Meanwhile, Adani group, which has a 29.18 per cent in New Delhi Television (NDTV), has picked up an additional 8.26 per cent stake in the media company through the open offer route. It is, now, the largest shareholder in the news broadcaster with a 37.44 per cent stake, ahead of the founder-promoters Radhika and Prannoy Roy, who together hold 32.26 per cent in the company. CLICK HERE FOR FULL REPORT

Shares of Adani Green Energy, the renewables arm of the Adani Group, too, advanced 2 per cent to Rs 2,078 in intra-day trade. The company on Monday announced that it has commissioned its third wind-solar hybrid power plant at Jaisalmer in Rajasthan.
The combined operational generation capacity of this newly commissioned hybrid power plant is 450 MW. The plant has Power Purchase Agreements (PPA) with SECI at Rs 2.67/kwh for 25 years.

With the successful commissioning of this 450 MW plant, Adani Green Energy now has a total operational generation capacity of ~7.17 GW. This also makes AGEL the world’s largest wind-solar hybrid power farm developer, the company said in a press release.