Adani Enterprises, Adani Ports, Adani Wilmar, Adani Transmission shares rally up to 25% today. JPMorgan, other reasons

A couple of Adani group stocks climbed up to 25 per cent in Tuesday's trade after JPMorgan said Adani group of companies are still eligible for inclusion in JPMorgan's influential bond indices. The stocks were also up after the Adani group said promoters of three of its companies have prepaid loans against pledged shares to the tune of $1,114 million.

Shares of Adani Enterprises jumped 25 per cent to hit a high of Rs 1,965.50. Adani Ports, which is also scheduled for quarterly results later in the day, climbed 9.64 per cent to Rs 598.70. Adani Wilmar hit its upper circuit limit at Rs 399.40; Adani Transmission also hit its upper circuit limit at Rs 1,324.45. 

Adani, whose business interest includes renewable energy, power generation, transmission and ports, has a total notional value of $7.7 billion in the JPMorgan’s CEMBI and JACI indices. JPMorgan Corporate Emerging Market Bond Index series (CEMBI) tracks dollar debt issued by emerging market corporations, while its Asia Credit Index (JACI) tracks the total return performance of the Asia fixed-rate dollar bond market, Reuters reported.

JPMorgan said it would continue to monitor publicly available information and liquidity of the securities, and in case of market disruption or confirmed default event.

The Adani stocks also gained after Adani group's flagship Adani Enterprises on Monday said its promoters will prepay loans against pledged shares to the tune of $1,114 million.

"In light of recent market volatility and in continuation of the promoters’ commitment to reduce the overall promoter leverage backed by Adani Listed Company shares, we are pleased to inform that promoters have posted the amounts to prepay $1,114 million ahead of its maturity of Sep 2024," said the conglomerate's spokesperson in a statement.

Meanwhile, three group companies Ambuja Cements, Adani Ports and Adani Green will announce their quarter results today. Adani Transmission, which reported quarterly results on Monday logged a 73 per cent YoY increase in consolidated profit after tax at Rs 478.15 crore for the December quarter against Rs 283.75 crore in the same quarter of the previous fiscal year.

Emkay Global expects Ambuja Cements to log a 9.6 per cent YoY fall in net profit at Rs 287 crore compared with Rs 317.40 crore in the same quarter last year. Sales are seen advancing 5.1 per cent YoY to Rs 3,865 crore from Rs 3,679 crore in the year-ago quarter. Ebitda is seen dropping 9.2 per cent YoY to Rs 515.50 crore from Rs 568 crore, with Ebitda margin falling to 13.4 per cent from 15.4 per cent YoY.

This stock rose 3.08 per cent to Rs 391.15 on BSE.

PhillipCapital expects Adani Ports to clock a 12.4 per cent year-on-year (YoY) jump in net profit at Rs 1,661.90 crore for the December quarter against Rs 1,478.80 crore in the same quarter last year. Revenue is seen surging 29.80 per cent YoY to Rs 4,930.10 crore against Rs 3,797.10 crore in the corresponding quarter last year.

 
 

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