After taking a pounding in recent sessions, shares of the Adani Group's ten listed firms rose for the second day in a row on Wednesday. In today's trade, the conglomerate's total market capitalization increased by 39,000 crores to exceed 7.50 lakh crore.
Adani Group's flagship, Adani Enterprises, rose over 15% to trade at 1563 on the NSE. Adani Enterprises is one of the Nifty 50's top gainers.
In the previous two days, the stock has risen about 30%. After a 14% gain on Tuesday, the group share gained another 15% today to reach the day's high of 1563.00.
Adani Ports jumped 2.64 percent to 608.25, Ambuja Cements up 2.27 percent to 349.80, and ACC rose 1.33 percent to 1,755.25.
Six of the group's equities - Adani Transmission, Adani Total Gas, Adani Wilmar, Adani Green Energy, NDTV, and Adani Power - have been set to trade at a 5% premium.
Adani Group is making a comeback.
In Wednesday's trading, the shares of all Adani Group firms rose on rumors that the company had secured a definite commitment for an $800 million loan facility, which will be utilized to refinance Adani Green Energy's $750 million 4.375% bond due in September 2024.
Meanwhile, Adani Group's finance chief Jugeshinder Singh has indicated that the conglomerate isn't trying to refinance debt or inject money. His remarks came on the eve of an investor roadshow aimed at restoring trust in the crisis-hit Indian company.
According to a recent Reuters story, Adani Group intends to prepay or return share-backed debts of $690 million to $790 million by the end of March.
According to the sources, the group presented both options to bondholders in Hong Kong on Tuesday. The three-day roadshow is set to conclude today.
Adani Group stocks have taken a battering on the stock exchanges since late January, when the US-based short seller Hindenburg Research issued a report on the company, accusing it of a slew of wrongdoing, including fraudulent transactions and share-price manipulation.
Adani Group has denied the allegations, claiming that it adheres with all regulations and disclosure obligations.
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