Six of 10 Adani stocks hit upper circuit on $3-billion loan buzz

The Adani Group on Wednesday denied a media report that said it had received a $3 billion loan from a sovereign wealth fund, saying it was false. denial came through a Bloomberg Report.

Earlier in the day, a reuters The group informed its creditors on Wednesday that it had secured a $3 billion loan from a sovereign wealth fund, the report said, citing two sources with knowledge of the matter.

The credit line from the sovereign wealth fund could be increased to $5 billion, the sources said, citing a memo that was circulated to participants as one of the highlights of the three-day investor roadshow, Reuters reported. which ended on Wednesday.

The identity of the sovereign wealth fund was not disclosed in the memorandum. A third person familiar with the matter said Adani’s management told investors it was from the Middle East. The sources declined to be identified as they were not authorized to speak to the media. A spokesman for Adani did not respond to a Reuters request for comment.

There was news that all 10 listed Adani stocks gained on Wednesday, out of which six hit the upper circuit.

Meanwhile, word of Adani securing fresh debt comes a day after the group management told bondholders that it expects to prepay or repay share-backed loans of $690 million to $790 million by the end of March.

AEL jumps 15%, all stocks gain

Shares of all ten listed firms of the Adani Group ended with gains on Wednesday, continuing the positive momentum amid a correction in the broader equity market.

Shares of Adani Enterprises closed at Rs 1,564.55, up 14.70 per cent, on the BSE. It rose by 15.83 per cent to Rs 1,580 in intraday trade. The company’s stock has climbed 31 per cent in two days.

The market valuation of Adani Enterprises has jumped Rs 42,219.95 crore in two days. Adani Transmission climbed 5 per cent, Adani Green Energy 4.99 per cent, Adani Wilmar 4.99 per cent, NDTV 4.99 per cent and Adani Power 4.98 per cent.

Shares of Adani Total Gas rose 4.85 per cent, Ambuja Cements (3.32 per cent), ACC (2.14 per cent) and Adani Ports (1.61 per cent). During the day, six out of 10 scrips of the group briefly hit the upper circuit.

On Wednesday, the BSE Sensex climbed 448.96 points or 0.76 per cent to close at 59,411.08.

(Only the headline and image in this report may have been reworked by Business Standard staff, the rest of the content is automatically generated from the syndicated feed.)