Adani infuses Rs 8,339 crore into Ambuja Cements, raises stake to 70.3%
Last month, it infused Rs 6,661 crore into the cement company raising their stake in the company by 3.6 to 66.7 per cent.
Adani Group’s seven out of 10 stocks are still trading below the levels seen a year ago exactly one year since the release of a scathing report by short seller Hindenburg Research.
However, the other three Group stocks including Adani Ports have sailed above the pre-Hindenburg prices.
Adani Total Gas is the biggest victim, with the stock still trading down 74 per cent from year-ago level. Adani Energy Solutions and Adani Wilmar are the next two worst performers, still down 62 per cent and 39per cent, respectively.
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Adani Enterprises, which had to cancel an FPO in January last year, has recovered much of the losses but still trades 15 per cent below last year’s price.
Group’s other stocks like Adani Green Energy, New Delhi Television and ACC are down 5-12 per cent while Ambuja Cement is up 5per cent compared to last year.
The development is despite the Group’s stocks having regained their vigour following the Indian Supreme Court’s verdict rejecting appeals for a federal probe or special investigation into Adani’s businesses, or the port it is building in Sri Lanka.
It is worth highlighting here that the other three stocks are trading much above their year-ago levels. Adani Power has not just recouped losses but also zoomed another 89per cent.
Adani Ports Special Economic Zone is another big gainer that is up about 50 per cent from last year’s level.
It is to be noted that on January 24, 2023, Hindenburg published a report that alleged non-compliance of minimum public shareholding, non-disclosures of related party transactions, or stock price manipulation, among others.
The report led to a sharp fall in share price of its listed entities, eroding over Rs 12 lakh crore in market value within a month. Many stocks are yet to come out of that shock as of today.
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