Adani Group stocks rise on ratings upgrade
Upstox
2 min read • Updated: February 14, 2024, 2:27 PM
Summary
Moody’s noted that Adani Group companies has been able to raise capital at a reasonable cost. "At the same time, several high profile equity transactions by large institutional and strategic investors, such as GQG and Qatar Investment Authority, also demonstrated the Group's continued equity market access," said Moody's.
Adani Group stocks are on the rise today. Shares of Adani Green and Adani Ports, Adani Energy and Adani Wilmar up in the range of 1% to 3%. Shares of Adani Enterprises and Adani Total Gas are also in the positive territory.
This comes after global ratings agency Moody’s upgraded the outlook on debt papers of four Adani Group companies. It changed its outlook for Adani Green Energy, Adani Green Energy Restricted Group (AGEL - RG-1), Adani Transmission Step One, and Adani Electricity Mumbai from negative to stable. Moody’s noted that Adani Group companies has been able to raise capital at a reasonable cost.
"At the same time, several high profile equity transactions by large institutional and strategic investors, such as GQG and Qatar Investment Authority, also demonstrated the Group's continued equity market access," said Moody's.
Similarly, in January 2024, the S&P had revised its outlook for Adani Ports and Adani Electricity to stable from negative.
Last year in February, Moody’s had downgraded its outlook on Adani Group to negative, highlighting concerns over accessing capital amid allegations of misgovernance and fraud levelled by a short seller Hindenburg.
However, the Supreme Court observed that the Hindenburg report cannot be treated as a “true state of affairs”.