Adani stocks gain on plans to raise funds

Mumbai: A day after Adani Enterprises and Adani Green Energy said they were contemplating fund-raising in a few months, stocks of all 10 Adani Group companies saw strong demand. The surge was led by group flagship Adani Enterprises (5%), while Adani Transmission gained 3.2% and Adani Green Energy rose by 1.3%.

The fund-raise plan by Adani Enterprises comes a little over three months after it cancelled its Rs 20,000-crore follow-on public offer. The withdrawal of the fully-subscribed offer was forced due to selloff in the wake of a report by US short seller Hindenburg, which alleged stock price manipulation, cooking of books of accounts and other corporate malfeasance. In about a month’s time — January 24 to February 27 — nearly 65% of the group’s combined market capitalisation was wiped off. The group’s market value crashed from Rs 19.2 lakh crore on January 24, a day before the Hindenburg report was published, to a low of Rs 6.8 lakh crore on February 27.

The boards of Adani Enterprises and Adani Green Energy will meet separately on Saturday to decide on the details of fund-raises by each of these entities.

Other top gainers from the group were ACC (2.1%), Adani Ports (2.6%), Adani Power (1.9%), Ambuja Cements (1%), Adani Total Gas (2.3%), Adani Wilmar (1.6%) and NDTV (1.9%).

The day’s rally added Rs 27,545 crore to the group’s total market cap, which is at Rs 9.8 lakh crore.


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