Adani's stocks rose for a second consecutive session following the group's reassuring statements during its Asia roadshow. Investors were informed that the company is capable of fulfilling its obligations in the upcoming years and generating cash.
Adani Enterprises Ltd jumped nearly 8% after gaining 14% on Tuesday. Adani Green Energy Ltd, Adani Total Gas Ltd, Adani Transmission, Adani Wilmar Ltd, NDTV Ltd and Adani Power Ltd touched 5% upper circuit for the second straight day. Adani Ports and SEZ rose 2.33%, ACC Ltd jumped 1.4% while Ambuja Cement added 2.7%. On Tuesday, the group added over Rs 30000 crore market value.
Adani Total Gas trading higher after falling for 31 days and 28 day's of lower circuit. Adani Green Energy jumped after 21 out of 22 sessions trading lower while Adani Transmission rose after 23 out of 25 sessions falling. Adani Power Ltd dropped 12 out of 15 trading sessions.
Bargain hunters nibbled at Adani's stocks as the conglomerate commenced a series of investor meetings at Singapore on Monday, with the assistance of approximately twelve global banks. The meetings are being conducted by the company, which is supported by billionaire Gautam Adani. On Tuesday and Wednesday, the company will meet with investors at the Barclays Plc office in Hong Kong. Attending the meetings will be Group Chief Financial Officer Jugeshinder Singh and Corporate Finance Head Anupam Misra.
According to the group's official who spoke at the roadshow, the company has sufficient funds to repay debt that will mature in the next three years, in addition to having an $800 million credit facility, Bloomberg reported. Also, a recent filing revealed that the group had a cash reserve of Rs 31700 crore as of the end of last year, the report added.
The current roadshow represents a new initiative by the conglomerate, which operates in various industries from ports to power, to rebuild investor trust. This comes after the company implemented a range of measures, such as reducing expenses and repaying debts earlier than scheduled, in recent weeks to address concerns about its financial stability, Bloomberg report added.
The event in Singapore and the upcoming meetings in Hong Kong this week are the latest steps taken by Gautam Adani's conglomerate to restore investor confidence, following allegations of stock price manipulation and other corporate governance irregularities made by US short seller Hindenburg Research. Since the investigation was made public, the company's equity market value has dropped by approximately $154 billion.
(Bloomberg contributed this story)
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
