Adani Group stocks witnessed a sharp uptrend on December 12, with Adani Green Energy leading the rally, contributing to a rise of Rs 27,000 crore in the group’s market capitalization.
Adani Green Energy shares surged 7.2% to Rs 1,232 on the NSE after the company’s arm commissioned a 250 MW solar power project in Rajasthan. This new addition brings the firm’s total operational renewable energy capacity to 11,434 MW.
Other Adani stocks, including Adani Power, Adani Total Gas, NDTV, and Adani Ports, also gained 2-5%. The only exception was Ambuja Cements, which saw a slight decline of 0.3%. The collective gains pushed the group’s market capitalization to approximately Rs 13.6 lakh crore.
Refinancing Talks Underway
According to Mint, which cited people close to the development, Adani Green Energy is talking to several investors, both local and foreign, about refinancing $1.1 billion of loans due this March. The loans are projects backed by 25-year power purchase agreements, offering strong cash flows.
The Adani group also remains under scrutiny after the recent market rally following allegations filed by US prosecutors. Charging that founder Gautam Adani and others orchestrated a bribery scheme to win solar contracts in India, the allegations cost $250 million. Charged with lying to US investors as well as tampering with evidence in an effort to obstruct justice, among charges against them. In a suit that accompanied the criminal filings, the SEC separately sought a civil lawsuit against the Group.
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Source: Moneycontrol
News Desk
