New Delhi: Shares of Adani Group firms gained sharply on Wednesday, February 8, a day after promoters of the company decided to prepay $1.11 billion (approximately Rs 9,200 crore) of loans ahead of maturity in 2024.
Adani Enterprises ended nearly 20% higher at Rs 2,159 apiece on the BSE. The company is scheduled to report its December quarter earnings on February 9.
Adani Ports and Special Economic Zone Ltd gained 8.34%, Adani Transmission Ltd 5%, Adani Power 5%, Adani Wilmar 5% and Ambuja Cement was up 0.2%.
Meanwhile, Adani Green fell 4.92%, Adani Total Gas 5%, and ACC declined 1.11%.
“Deleveraging is expected to be the group’s immediate focus for at least the next year or so,” Abhay Agarwal, fund manager with Piper Serica Advisors told Bloomberg. He added that the company may go slower on organic growth because big acquisitions will require more borrowing and lenders may not offer loans as easily as in the past.
On Tuesday, the move to release pledged shares – which was meant to reassure investors – led to a 25% jump in the share price of Adani Enterprises.
Sensex was up 378 points, or