Adani Shares gains momentum after continuous decline, assets increase by $ 2.19 billion in 24 hours
[ad_1]
Due to the boom in Adani Group’s companies, his wealth has increased by $ 2.19 billion in the last 24 hours and with this increase, he has risen three places to reach the 30th number in the list of billionaires. According to Bloomberg, till the time of writing the news, Gautam Adani’s net worth had reached $ 39.9 billion.
Good news is coming from the stock market for Adani Group, which has been running in losses for a long time. During the trading on Wednesday, shares of five companies of Adani hit upper circuit. With the opening of the stock market, there was a boom in the shares of Gautam Adani’s companies. The stock of Adani Enterprises Ltd had gained 11.73% to reach a level of Rs 1,523.80. Talking about other shares of Adani Group, the shares of Adani Ports reached the level of Rs 600.85 with a gain of 1.42% or Rs 8.40 per share. Shares of Adani Total Gas Ltd were trading at Rs 701.40, up 3.37% or Rs 22.85. Ambuja Cements Ltd was up by 2.02% at Rs.349.00 and ACC Ltd was up by 1% at Rs.1,749.05.
Due to the boom in Adani Group’s companies, his wealth has increased by $ 2.19 billion in the last 24 hours and with this increase, he has risen three places to reach the 30th number in the list of billionaires. According to Bloomberg, by the time of writing the news, Gautam Adani’s net worth had reached $39.9 billion.
Moody’s raises India’s growth forecast
Moody’s Investors Service on Wednesday raised India’s economic growth forecast for 2023 to 5.5% from 4.8% earlier. This increase has been done due to increase in capital expenditure in the budget and better economic conditions. However, Moody’s has cut India’s growth forecast for 2022 to 6.8% from 7%.
what is the reason for the acceleration
Adani Group’s fixed-income roadshows in Singapore and Hong Kong to boost investor confidence have been instrumental in boosting shares of listed companies. The fresh rally comes after another Economic Times report stated that the Adani Group has received a commitment for an $800 million debt facility, which will be used to refinance Adani Green Energy’s $750 million 4.375 percent bonds due in September 2024. will be done for This was confirmed. Another Reuters report suggests that the Adani group has told creditors that it has secured a $3 billion loan from a sovereign wealth fund.
The credit line from the sovereign wealth fund could be increased to $5 billion, the sources said, citing a memo circulated to participants as one of the highlights of the three-day investor roadshow that ends today. However, the identity of the sovereign wealth fund was not disclosed by the group. The Adani Group is yet to make an official statement on the development. The fresh fundraising plan comes a day after Adani management told bondholders it plans to repay or prepay $690 million to $790 million of share-backed loans by the end of this month.
Supreme Court orders SEBI to investigate
Shares of Adani Group hit day’s high but continued to trade in green after the Supreme Court asked the Securities Exchange Board of India (SEBI) to probe whether the group violated any securities laws. kept. The top court said that SEBI will submit its report within two months. Welcoming the order, Adani Group Chairman Gautam Adani tweeted, “It will be finalized in a time bound manner. Truth will prevail.”
After the publication of the Hindenburg report on January 24, 2023, the fall in the shares of Adani’s companies has had a very bad impact on his net worth. Hindenburg Research accused the port-to-power group of “stock manipulation” and “accounting fraud”. Since then, the group has cumulatively lost over Rs 11 lakh crore in market capitalisation. Before the release of the report, Adani was occupying the fourth position in the list of the world’s rich, but on seeing it, he had reached number 34.
[ad_2]
Source link