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Shares of Adani Group companies traded lower by up to 6 per cent in Wednesday's intra-day trade, as investors flocked to book profits in a weak market. However, later, the stocks recovered mildly from their respective intra-day lows.
The recently acquired cement companies - Ambuja Cements and ACC were down by 6 per cent. Besides, shares of Adani Enterprises, Adani Ports, Adani Transmission, Adani Green Energy, Adani Total Gas and Adani Power were down in the range of 2 per cent to 5 per cent. In comparison, the S&P BSE Sensex was down 0.41 per cent at 59,476 points.
Despite an overall weak market, shares of Adani Wilmar was up 2 per cent at Rs 785.90, as they bounced back 7 per cent from its intra-day low of Rs 735 per share on the BSE. Further, the stock hit 5 per cent upper circuit at Rs 808.55 apiece in Wednesday's intra-day trade.
Meanwhile, the average trading volumes on the counter jumped over seven-fold, as around 19.77 million equity shares changed hands on the NSE and BSE.
That apart, in the past one month, most of the Adani Group stocks have outperformed markets, as against 0.3 per cent decline in the S&P BSE Sensex.
Among individual stocks, shares of Ambuja Cements and Adani Enterprises surged the most - in the range of 18 per cent to 30 per cent, during the same period. Others like ACC, Adani Transmission, Adani Ports and Adani Total Gas were up in the range of 7 per cent to 9 per cent in a month.
According to a disclosure of stock exchanges, Adani Group signed a non-dealing undertaking with foreign banks on its entire stake in Ambuja Cements and ACC to raise funds, in order to acquire the two cement companies. Therefore, Barclays Bank, DBS Bank, Deutsche Bank, MUFG Bank and Standard Chartered Bank acted as mandated lead arrangers and book-runners to the transaction. CLICK HERE FOR FULL REPORT
That said, on September 30, Adani Enterprises will join the benchmark index, the most tracked stocks gauge in the country in place of Shree Cement.
Adani Enterprises, the flagship Gautam Adani Group company, is one of the fastest growing diversified businesses that provide an extensive range of products and services. The company operates as an incubator, establishes new businesses in transport and logistics, and energy & utility sectors. The company is also leading a decarbonization initiative of industries and mobility through Adani New Industries Limited (ANIL).
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First Published: Wed, September 21 2022. 14:18 IST