News

Published: Mar 02, 2023
Updated: Mar 02, 2023

Adani Enterprises Shares Rally as Credit Limits Remain Unchanged: Report

Shares of Adani Enterprises saw a massive rebound of 24% from the day's low, closing 14.22% higher at Rs 1,364 on Monday. This came after banks conducting an annual review, led by the State Bank of India, decided to maintain the credit limits of Adani Group's flagship firm. Additionally, reports suggest that the conglomerate plans to prepay or repay share-backed loans worth between $690-790 million by the end of March this year, boosting investor sentiment.

Adani Enterprises Share Price Movement

The stock had fallen to an intraday low of Rs 1,103 earlier in the day, but the positive news helped the stock surge by 24% to the closing level of Rs 1,364.05. However, the stock has still fallen by 64.66% in 2023, and its shares are trading below various moving averages.

Adani Group Subsidiaries' Performance

Meanwhile, Adani Ports saw an intraday high of Rs 614.6, closing at Rs 592.60, up 5.44% against the previous close of Rs 562. On the other hand, Adani Total Gas closed 5% lower at Rs 680.20, and Adani Transmission fell 5% to close at Rs 642.55. Adani Power, however, ended 5% higher at Rs 146.45 against the previous close of Rs 139.50. Adani Green Energy shares also closed 5% higher at Rs 485.55.

Billionaire Gautam Adani's Net Worth falls to $37.7 bn

Billionaire Gautam Adani's net worth slipped to $37.7 billion, ranking him 32nd on the Bloomberg Billionaires Index. Forbes' Real-Time Billionaires List ranked Adani at the 33rd spot and pegged his net worth at $35.1 billion.

Banks decision to maintain credit limits made the shares surge 24% ; though stock still in bad books of investors

Adani Enterprises' shares rallied significantly as banks decided to maintain its credit limits, and the conglomerate plans to repay loans worth millions by the end of March. While the stock has still fallen by 64.66% in 2023, the positive news offers a glimmer of hope for investors.