Adani Green stock surges ~4% on group’s refinancing plan

17 Feb 2023 , 02:33 PM

Adani Green’s stock gained as much as 4% in Friday’s intraday session. The upside can be attributed to the recent announcement by Adani Group to its bondholders, wherein it was revealed that the group’s refinancing strategy would be disclosed after the completion of the fiscal year.

However, at around 2.29 PM, Adani Green erased half of the gains and was trading 1.69% higher at Rs626.70, against the previous close of Rs616.30 on NSE. So far, the counter touched an intraday high of Rs639.90. 

Adani Green Energy bonds due in 2024 with a 4.375% coupon rate rose to 84.5 cents on the dollar on Thursday, up from 75 cents the day before, according to Tradeweb data.

Today, the majority of Adani stocks were trading in a positive lane, with NDTV and Adani Power trading at their respective 5% upper circuits.

In a document submitted to the exchanges, the conglomerate stated that it currently faces no significant risk with respect to refinancing or liquidity in the near future, owing to the fact that there are no imminent debt maturities. 

It also referenced the affirmation of its ratings by various international and domestic rating agencies, indicating that this reflects the group’s sound credit quality and robust financial profile.

Adani stocks have lost roughly half of their market value in the last 17 trading sessions, following the release of an explosive report by American short-seller Hindenburg Research.

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