- By Priyanka Payal
- Tue, 25 Apr 2023 10:02 AM (IST)
- Source:JND
ADANI shares grabbed investors’ attention on Tuesday (April 25) as the Indian equities resumed trading in today’s session. In the early morning trade today, the share price of Adani Ports and Special Economic Zone (SEZ) traded 0.37% higher at Rs.673.80 per share.
The reason for Adani shares being in focus was the rise in Adani Enterprises share price and Adani Ports shares during early morning trade. The share price of Adani Enterprises was up 0.38% at Rs.1,808.75 per share at 9:43 am IST, while Adani Green Energy shares traded 2.17% higher at Rs. 906.35 per share. Adani Power share price was up 0.99% at Rs. 203.40 a piece at 9:46 am IST.
Adani Ports and Special Economic Zone (APSEZ) said on Monday that it has commenced the process of buying back some of its bonds maturing in 2024 to partly prepay the near-term loan due next year.
Via an exchange filing, the group informed that it has floated a tender offer to purchase up to $130 million worth of outstanding 3.375% senior notes due 2024. The transaction will be funded from cash reserves.
Since Adani Ports is believed to be the core business of Adani Enterprises Ltd and this is one reason why Adani Enterprises shares have been witnessing buying among stock market bulls following the news concerning the $130 million buyback of debt securities by Adani Ports.
It is pertinent to mention that up to 39% of the Indian conglomerate’s debt comprises foreign currency bonds, while Term loans from foreign and Indian banks comprise the next biggest portion of total debt. Adani Ports has confirmed that its board has approved a tender offer for its outstanding senior notes maturing in 2024.
Stock Market Update:
The Indian equities closed higher on Monday. Today, the domestic market opened on a positive note where the benchmark index Sensex was up 0.027% higher at 60,072.45 points, while Nifty was up 0.0053% at 17,744.35 points.
At the time of writing this article, the top gainers on Nifty 50 were Bajaj Finance, IndusInd Bank, Bajaj Finserv and Axis Bank.