New Delhi (TIP)- Adani Enterprises’ (AEL) good third quarter numbers led to a rebound in its stocks after three days of selloff but seven of the Group’s listed companies were trading in the red with six hitting the lower circuit-breaker of 5%. “We will be investing heavily in our relationship with India over the coming decades and we’re confident it will only go from strength to strength,” said AEL on the results.
Adani Group chairman Gautam Adani termed the current market volatility as temporary and said “as a classical incubator with a vision of long-term value creation, AEL will continue to work with the twin objectives of moderate leverage and looking at strategic opportunities to expand and grow.” The majority of the buying in AEL stocks took place in the later half of the day after the Q3 results were announced. The favourable results helped the stock inch up and restored its market value to about Rs 2 lakh crore. AEL reported net profit of Rs 820.06 crore for the September to December 2022 period as against net loss of Rs 11.63 crore in the same quarter a year ago. Revenue from operations rose 41.87% to Rs 26,612.23 crore compared to Rs 18,757.87 crore.
However, six Adani stocks — NDTV, Adani Power, Adani Wilmar, Adani Green, Adani Total and Adani Transmission — fell by 5% each and Ambuja Cements declined by 1.74%. The sentiment was unaffected despite some damage control with the Group announcing the appointment of accountancy firm Grant Thornton for an independent audit of some of its companies in an attempt to counter allegations made in the Hindenburg report. The audit is likely to be submitted to the Reserve Bank of India as well because it will examine if there was any misappropriation of funds or if loans were used for any other purpose, said company officials. Source: TNS