Shares of Adani group companies were in focus on Tuesday as they rallied up to 6 per cent on the BSE in today’s intraday trade amid heavy volumes.
In comparison, the BSE Sensex was up 0.45 per cent at 81,418 at 12:20 PM.
The Adani Group, and separately, Sebi chairperson, Madhavi Puri Buch, along with her husband, Dhaval Buch, have denied the allegations levelled by Hindenburg.
Among the individual stocks of the company, Adani Energy Solutions had rallied 6 per cent to Rs 985 in intraday trades. The stock of the power distribution company has corrected 27 per cent from its 52-week high level of Rs 1,347.90 that it touched on August 1, 2024.
In August, Adani Energy Solutions had raised Rs 8,373 crore via qualified institutional placement (QIP) route by issuing 85.79 million equity shares at an issue price of Rs 976 per share. The company proposed to utilise the QIP proceeds for investment in transmission assets, its smart metering business and debt repayment.
That apart, India’s robust investment cycle and rising power demand are positive indicators for the power sector. The strong interest from institutional investors reflects their commitment to and belief in India’s energy transition, in which Adani Energy Solutions plays a pivotal role, the company’s management said.
Meanwhile, Adani Enterprises, the group’s flagship company, has witnessed substantial improvement in the performance of its solar (that is, Adani New Industries Limited (ANIL) ecosystem) division, strong progress in under-construction projects across the road and airport segments, which in CARE Ratings’ opinion, are likely to sustain over the medium-term backed by favourable demand prospects for each of the underlying sectors.
On August 10, 2024, Hindenburg Research had released a report with allegations on several matters related to the Adani Group, including ongoing regulatory investigations against it. CARE Ratings said it continues to monitor and evaluate the developments on this front.
In June 2024 quarter (Q1FY25), ANIL Ecosystem’s solar manufacturing and wind turbine businesses recorded its highest ever earnings before interest, tax, depreciation and amortisation (Ebitda) of Rs 1,642 crore, with an increase of 3.6x on year-on-year (YoY) basis. It now contributes 38 per cent to total Ebitda of the company, on the back of its robust operational performance.
First Published: Oct 08 2024 | 1:34 PM IST
