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Adani group shares extend gain as traders await earnings reports - Indiatimes.com

Adani group shares extend gain as traders await earnings reports - Indiatimes.com

Adani group shares extend gain as traders await earnings reports - Indiatimes.com
Feb 08, 2023 1 min, 39 secs

The recent slump in Adani group assets has started attracting buyers, leading to surge in shares.MUMBAI: Shares of most Adani group companies rose, extending their rebound from a selloff that has erased more than $100 billion from the Indian conglomerate’s market value.

Nine of the group’s 10 stocks were up, with flagship Adani Enterprises Ltd gaining as much as 10% after rallying almost 15% on Tuesday.

The loss in the group’s market value since US short-seller Hindenburg Research’s scathing report now stands at about $110 billion, down from $117 billion as of Monday’s close.Investors are likely to scrutinize earnings from Adani Power Ltd and Adani Wilmar due on Wednesday after the group’s ports unit said it will repay a debt of around 50 billion rupees ($605 million) in the year starting April.

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

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