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Adani stocks rebound as group rebuts debt repayment reports; all 10 counters in green

Adani,

After the port-to-power conglomerate denied reports that it had not completed repayment of loans backed by shares worth $2.15 billion, Adani Group shares rebounded in Wednesday trade.

In a regulatory filing, the company stated, “Adani has completed the full prepayment of the margin linked share backed financing of USD 2.15 billion and all those related shares have been issued.”

In separate statements issued on Tuesday, the group denied the Economic Times’ claims that it is attempting to renegotiate the terms of the $4 billion loan as “baseless speculation.”

Adani Ports and Special Economic Zone added 4.71 percent 621.35 each and were among the Nifty’s top 50 losers, while Adani Enterprises, the group’s flagship, gained up to 6.69 percent 1,708 per share.

Other gathering organizations likewise made money, prodded by reports crossing misfortunes on Tuesday Financial Times And Ken,

Among different stocks, Adani Power acquired 4.98 percent, Adani Wilmar 4.22 percent and Adani Efficient power Energy 4.15 percent on the BSE.

Shares of NDTV increased by 3.7%, those of Adani Transmission by 2%, Adani Total Gas by 2%, Ambuja Cements by 1.94%, and ACC by 1.92%.

Adani Group CFO Jugeshinder Robbie Singh said on Tuesday that stock exchanges update data on promoter share pledging at the end of the quarter. He was asking for clarification on the data that already shows the group has $2.15 billion in share-backed debt. not in accordance with the payment statement.

“Deliberate misrepresentation” was Singh’s response to reports that the company’s announcements on March 7 and March 12 were inconsistent with information on stock exchanges.

“…it is known that the relevant exchanges will update at the end of the quarter,” he wrote in a tweet. When the data exchanges are updated following the quarter’s conclusion, everyone will be aware of the deliberate hoax.”

The group announced on March 12 that it had paid back a $2.15 billion loan it received by pledging promoter shares.

“By clarifying the important news flow, the company is doing the right thing. Alok Churiwala, managing director of Mumbai-based Churiwala Securities Pvt Ltd., stated, “Investors are still uncertain about Adani shares and we can see this lack of confidence as the stock is reacting to every media report.” “They are ticking all the right boxes by clarifying their communication.”

Hindenburg Research, a short-seller based in the United States, wrote on January 24 that the company had “substantial” debt levels, as well as allegations of accounting fraud and the use of offshore shell companies to support stock prices.

Be that as it may, the Adani Gathering has kept all from getting Hindenburg’s claims, referring to them as “malignant”, “ridiculous” and a “arranged assault on India”.

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