BSE Revises Price Band Of Four Adani Companies
The Adani Group has completed its $2.65 billion deleveraging programme.
The Bombay Stock Exchange revised the daily circuit breakers limit of four Adani Group companies.
Adani Wilmar Ltd., Adani Green Energy Ltd. and Adani Transmission Ltd. were increased from 5% to 10%, while Adani Power Ltd. increased to 20%.
The price band on the exchanges determine the range in which a security's price can move. The mechanism is used to maintain market integrity and curb excessive price movement in the securities.
The price band revision comes after most of Adani Group stocks plunged after the Hindenburg Research report.
Completion Of Deleveraging Programme
Shares of most Adani Group companies rose on Tuesday after it announced that it had completed its $2.65 billion deleveraging programme, improving its key financial metrics.
The Gautam Adani-owned conglomerate has completed full prepayment of margin-linked share-backed financing, totalling $2.15 billion until March 12, before the due date of March 31, 2023, according to a statement.
The listed companies' portfolio cash balance rose 41.5% year-on-year to $4.75 billion (Rs 40,351 crore) in FY23, it said.
36% Rise In Ebitda
Adani Group's operating profit rose 36% year-on-year in fiscal 2023, the highest ever at the group portfolio, aided by cash flow generation in core infrastructure businesses.
On a year-on-year basis, Adani Transmission reported a 10% rise in Ebitda at Rs 6,101 crore where the Ebitda margin stood at 44.1%. Ebitda of Adani Power increased by 4.3% to Rs 14,427 crore.
Adani Wilmar's Ebitda rose by 5% to Rs 2,139 crore, with Ebitda margin at 3.3%, and Adani Green Energy reported a rise in Ebitda by 62.8% to Rs 6,390 crore where its Ebitda margin was 74%.
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