Adani Ports shares in focus today as board to consider buyback of debt securities on April 22

Shares of Adani Ports and Special Economic Zone are in focus today after the Adani Group firm said its board would meet on April 22 to consider its first and partial buyback of debt securities in the current financial year. 

Adani Ports shares were trading over 1% higher at Rs 665.50 in early trade today against the previous close of Rs 658.45 on BSE. Adani Ports shares have lost 19.7 per cent in one year and fallen 18.76 per cent since the beginning of this year. 

Market cap of the firm rose to Rs 1.43 lakh crore on BSE. Total 1.17 lakh shares of the firm changed hands amounting to a turnover of Rs 7.79 crore on BSE. The stock hit a 52-week high of Rs 987.90 on September 20, 2022 and a 52 week low of Rs 394.95 on February 3, 2023.  

In terms of technicals, the relative strength index (RSI) of Adani Ports stands at 53.7, signaling it's trading neither in the overbought nor in the oversold zone. Adani Ports stock has a one-year beta of 1.7, indicating very high volatility during the period. Adani Ports shares are trading higher than the 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. 

The securities denominated either in Indian rupees or US dollar will be part of the buyback. 

"A meeting of the Board of Directors of Adani Ports and Special Economic Zone Limited is scheduled on April 22 to consider first and a partial buyback of certain of its debt securities, either denominated in INR or USD, in this financial year, subject to market conditions," the company said in a filing. 

The move will likely lift investors' confidence after an attack by Hindenburg that alleged high debt levels and share price manipulation. 

Adani Group stocks fell on January 25 after a report by Hindenburg Research alleged accounting frauds, stock manipulations and money laundering by the Adani Group. Adani Group called the Hindenburg report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors. 

Adani Group had said that the timing of the Hindenburg report's publication clearly betrays a brazen, mala fide intention to undermine the group's reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which is the biggest FPO ever in India. 

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