NSE imposes additional surveillance mechanism framework for these Adani stocks
According to an NSE circular, Adani Enterprises, Adani Power, and Adani Wilmar have been included under the short-term additional surveillance mechanism framework from Thursday. This information was released following the National Stock Exchange’s (NSE) and Bombay Stock Exchange’s (BSE) Monday announcement that Adani Enterprises will exit the framework for short-term additional surveillance measures (ASM).
According to the circular published by the exchanges, the adjustment will take effect on March 8. Three Adani Group firms, including the flagship Adani Enterprises, were placed under the framework of short-term additional surveillance measures by the NSE and BSE last month. The other two businesses listed by the exchanges, in addition to Adani Enterprises, were Adani Ports and Special Economic Zone (APSEZ) and Ambuja Cements. Nevertheless, on February 13 APSEZ and Ambuja Cements were excluded from the ASM framework.
According to a Wednesday report by Bloomberg News, the beleaguered Indian behemoth Adani Group has repaid a $500 million bridging loan that was due on Thursday. As a result of Hindenburg Research’s report, the market value of the shares of the seven publicly traded firms owned by the Adani Group has been dropped by over $127 billion. After Florida-based and Australia-listed investment company GQG Partners Inc. acquired holdings worth $1.87 billion in four of the group’s firms, including flagship Adani Enterprises, Adani stocks are witnessing some recovery.
The flagship Adani Enterprises closed at a month high on Wednesday, capping off a six-day positive trend for the shares of Adani Group entities. After the group’s announcement that it has repaid share-based funding of ₹7,374 crore (more than USD 900 million) and would pay back all such outstanding debts by the end of the month, several of the group’s stocks also reached their upper circuit levels. Shares of Adani Enterprises climbed 2.86 per cent to close at ₹2,039.65 on the BSE, extending their winning streak to six straight days.
The market value of the company’s flagship has risen to Rs. 2.32 lakh crore. Adani Ports and Special Economic Zone (APSEZ) shares also surged 3.22% to end at Rs. 712.75 and reached a market valuation of Rs. 1,53,963.90 Cr. Adani Transmission ended the day at ₹819.90, Adani Green Energy at ₹619.60, Adani Total Gas at ₹861.90, and Adani Wilmar at ₹461.15. Adani Power ended the day at ₹186.75. Each of these firms’ shares climbed by 5% to trade at their upper circuit levels.
Adani Enterprises climbed more than 5% on Monday as the shares of eight Adani Group companies that are publicly traded ended the day on a green note.
(With inputs from agencies)
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