
Adani group shares extend gain as traders await earnings reports
- 1 min, 39 secs
- #politics
- #The Times of India
- Summary
The conglomerate’s founders had earlier prepaid some borrowings in an attempt to shore up investor confidence following a rout sparked by a January 24 short-seller report.“Assessment of regulatory agencies and rebalancing will be key to watch from here onward,” said Sameer Kalra, founder of Target Investing in Mumbai.
The July 2024 Adani Ports and Special Economic Zone Ltd. bond climbed 0.3 cents to 89.7 cents.Sentiment also got a boost after two other firms of the ports-to-power conglomerate reported strong profit growth in earnings released on Tuesday.The recent slump in Adani Group assets has attracted buyers, with the likes of Oaktree Capital Management and Davidson Kempner Capital Management picking up debt related to the conglomerate in recent weeks, according to people familiar with the matter.But investors are likely remain vigilant to the risk of another rout as concerns persist over the group’s access to funding.The fallout has extended beyond India’s financial markets as protests have flared amid questions about Gautam Adani ’s ties to Prime Minister Narendra Modi.In the report issued last month, Hindenburg Research said the group had inflated revenue and stock price — accusations the conglomerate has repeatedly denied.FOLLOW US ON SOCIAL MEDIAFacebookTwitterInstagramKOO APPYOUTUBE Read More..