Adani Enterprises shares rise 5% on IHC investment

Shares of Adani Enterprises rose 5 per cent in Tuesday's trade after International Holding Company IHC announced Rs 3,200 crore investment in Adani Group flagship's follow-on public offer FPO Adani Ports SEZ was trading flat, as the stock exchanges sought clarification from the company regarding reports that Adani group was considering a buyback proposal. Adani Group stocks such as Adani Total Gas, Adani Green, Adani Transmission and Adani Wilmar and Adani Power extended their recent falls.

The shares of Adani Enterprises rose 5.26 per cent to reach a new high of Rs 3,030 after Abu Dhabi's IHC said it will invest $400 million Rs 3,200 crore in the Adani Enterprises FPO through its subsidiary Green Transmission Investment Holding. The IHC announcement came ahead of the end of the issue later on Wednesday. Marketmen tracking the FPO said that the issue can still sail through if the offer gets at least 90 per cent bids. The issue needs institutional and long-term strategic investors to get required subscription, according to the Adani group flagship. It already raised a total of 5,985 crore by allotting shares to anchor investors.

The stock was 0.80 per cent lower at Rs 592.10 in the case of Adani Ports. A media report by BSE has suggested that the Adani Group is planning a Rs 3,000 crore buyback for Ambuja Cements and Adani ports. Ambuja Cements added 2.25 per cent to Rs 396.15.

Adani Power hit its 5 per cent lower circuit at Rs 223.90. Adani Transmission fell by 4.67 per cent to Rs 1,630. Adani Green was down 7.8 per cent at Rs 1,095. Adani Total Gas fell by 10 per cent to Rs 2,112. Adani Wilmar fell 5 per cent to Rs 466.90. The other group stock ACC was flat at Rs 1,911, ahead of quarterly earnings.

NDTV fell 5 per cent to Rs 231.40.