Adani Energy shares in focus as arm to buy back $360 million bonds

Shares of Adani Energy Solutions Ltd (AESL), earlier known as Adani Transmission, are in focus today as its distribution arm of Adani Electricity Mumbai Limited will buy back $360 million (around Rs 3,000 crore) worth bonds. 

Adani Energy Solutions stock ended 1.19% lower at Rs 759.10 on BSE in the previous session. Total 9276 shares of Adani Energy Solutions changed hands amounting to a turnover of Rs 70.44 lakh . Market cap of Adani Energy Solutions stood at Rs 84,677 crore on BSE.  Adani Energy Solutions shares have a one-year beta of 1.4, indicating very high volatility during the period.    

In terms of technicals, the relative strength index (RSI) of Adani Energy Solutions stands at 45.6, signaling it's trading neither in the overbought nor in the oversold zone. Adani Energy Solutions stock stands higher than the 20 day but lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 150 day moving averages.      

The company will fund tender offer through internal accruals and cash surplus. The purpose of the offer is to demonstrate strong financial stability and liquidity position of the company. The buyback will stabilise current yields, which are distorted in volatile market conditions and will enhance investor confidence, said the company.  

Adani Energy Solutions is the country’s largest private transmission company, with a presence across 16 states of India and a cumulative transmission network of 19,800 ckm and 53,000 MVA transformation capacity. In its distribution business, Adani Energy Solutions serves more than 12 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ. 

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