Adani Power, Adani Transmission: Most Adani Group stocks rally as BSE, NSE increase circuit limits on 4 scrips
Adani Group stocks: For Adani Green Energy, Adani Transmission, and Adani Wilmar, the circuit limits have been raised to 10 per cent from 5 per cent earlier and for Adani Power, the circuit limit has been increased to 20 per cent from 5 per cent.
Adani Group stocks: Most Adani group stocks rallied in trade on Wednesday, June 7, a day after the leading bourses BSE and BSE increased the circuit limits of four stocks: Adani Power, Adani Transmission, Adani Green, and Adani Wilmar.
For Adani Green Energy, Adani Transmission, and Adani Wilmar, the circuit limits have been raised to 10 per cent from 5 per cent earlier and for Adani Power, the circuit limit has been increased to 20 per cent from 5 per cent.
"As a part of a review of the surveillance action, the price band is revised in the various scrips. The revised price band will be effective June 7, 2023," BSE said.
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At the time of writing this report, Adani Wilmar traded 1.40 per cent higher at Rs 435.70 while Adani Transmission was trading at Rs 831.50, up nearly 2 per cent. Further, Adani Power shares traded over 4 per cent higher at Rs 274.45 apiece on the BSE, and Adani Green Energy was up 0.10 per cent.
Adani Group stocks have been the talk of the town ever since the American short-seller Hindenburg Research made some scathing remarks against the group in its report released early this year. The report accused the Gautam Adani-led group of stock manipulation, accounting fraud, and corporate governance lapses.
The group's stocks were roiled the day Hindenburg Research was made public, as investors dumped the stocks like there was no tomorrow. However, the stocks have recovered lately, but still, stocks such as Adani Transmission and Adani Green Energy are way below their all-time high levels.
Following the report, BSE and NSE lowered the circuit limits of Adani Transmission, Adani Green Energy, and Adani Total Gas. Generally, exchanges set the circuit limits to curb large movements in the price of shares in a very short time.
In separate news, Adani Group on Tuesday said pre-tax earnings, or EBITDA, of the listed companies, spanning ports to commodities, grew 36 per cent to Rs 57,219 crore in the fiscal ended March 31 (FY23), and there is no material refinancing risk or near-term liquidity requirement. Net debt stood at Rs 1.86 lakh crore as of March 31, 2023.
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