Adani Total Gas gets long-term rating upgrade from ICRA with 'stable outlook'

Adani Total Gas Ltd on Tuesday announced that rating agency ICRA upgraded its long-term rating "to [ICRA]AA (pronounced ICRA double A) with stable outlook." It re-affirmed the short-term rating at [ICRA]A1+ (pronounced ICRA A one plus), the company added.

The announcement came post market hours today. Earlier in the day, shares of Adani Total settled 2.06 per cent lower at Rs 951.85.

On BSE, around 63,000 shares changed hands today. The figure was lower than the two-week average volume of 1.56 lakh shares. Turnover on the counter came at Rs 6.11 crore, commanding a market capitalisation (m-cap) of Rs 1,04,685.42 crore.

The counter traded higher than the 10-day, 20-, 30-, 50-, 150-day and 200-day simple moving averages (SMAs) but lower than the 5-day and 100-day SMAs. The counter's 14-day relative strength index (RSI) came at 56.14. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 160.24 against a price-to-book (P/B) value of 29.38. Earnings per share (EPS) stood at 5.94 with a return on equity of 18.33.

Separately, select Adani stocks have been focus after the conglomerate's flagship entity -- Adani Enterprises -- approved raising of up to Rs 16,600 crore. The flagship firm of the Adani Group will raise funds via an issue of shares or other securities by way of qualified institutional placements or any other permissible mode, it said in an exchange filing.

The board approval for fundraise came just a day after Adani Energy Solutions said it would raise up to Rs 12,500 crore via qualified institutional placement or through any other permissible modes.

On a standalone basis, Adani Energy's total borrowings stood at Rs 5,165 crore at the end of fiscal year 2024.