Adani Enterprises zooms 10% post clarification, other group stocks mixed

Adani Ports and Special Economic Zone (Rs 658.45) and Ambuja Cements (Rs 419.25), too, were locked in their respective 10 per cent upper circuits

Shares of Adani group companies were trading mixed on the BSE in Monday's intra-day trade after the group, on Sunday night, issued a detailed riposte to the Hindenburg Research report. In its 413-page response the Gautam Adani led group said it was shocked and deeply disturbed to read the report published by the "Madoffs of Manhattan". It further said the report by Hindenburg Research was nothing but a lie. CLICK HERE FOR FULL REPORT

Among group stocks, Adani Total Gas, Adani Transmission and Adani Green Energy tanked up to 20 per cent on the BSE in the intra-day trade today. In the past one week, stock prices of these three companies have plunged up to 40 per cent. Meanwhile, Adani Power and Adani Wilmar were locked in the 5 per cent lower circuit on the BSE.

On the contrary, Adani Enterprises (Rs 3,038.35), Adani Ports and Special Economic Zone (Rs 658.45) and Ambuja Cements (Rs 419.25) were locked in their respective 10 per cent upper circuits on the BSE at 09:30 am.  ACC, too rallied 10 per cent to Rs 2,062 on the BSE in the intra-day trade. In comparison, the S&P BSE Sensex was up 0.50 per cent at 59,626.

Separately, Adani Enterprises clarified on Saturday that its Further Public Offer (FPO) will go according to the schedule and at the announced price-band. The company said that the schedule and issue price remain unchanged.

"Adani Enterprises Limited’s Further Public Offer (FPO) is going as per schedule and the announced price-band. There is no change in either the schedule or the issue price. All our stakeholders including bankers and investors have full faith in the FPO. We are extremely confident about the success of the FPO," said the company.

The company allotted 18.2 million equity shares to 33 funds at Rs 3,276 apiece, taking the transaction size to Rs 5,985 crore, according to a circular uploaded on the BSE website.

Out of the Rs 20,000-crore proceeds from the FPO, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway. An amount of Rs 4,165 crore will be utilised for repayment of debt taken by its airports, road and solar project subsidiaries.

Meanwhile, according to a report by The Economic Times, Adani Group is considering a share buyback of group firms Ambuja Cements and Adani Ports Adani Ports SEZ worth up to Rs 3,000 crore. Talks are at an advanced stage and formal announcements by the company boards will be made in the coming weeks, the newspaper reported.