Adani Ports, Ambuja Cements, Adani Green, Adani Transmission: 4 Adani group stocks mixed on Moody's outlook change, ASM exit

A host of Adani group stocks were in focus in Monday's trade amid rating agency Moody's negative outlook on four of Adani group's listed  and unlisted firms. Two stocks Adani Ports and Ambuja Cements were in focus after their exit from NSE's ASM framework.

Ambuja Cements advanced 1.51 per cent to Rs 366.50 after the scrip was moved out of short-term ASM framework.

Adani Ports & SEZ gained 2.10 per cent to hit a high of Rs 596.15. This scrip also exited the ASM framework. The stock also gained after Moody's kept Adani Ports' outlook stable, saying the Adani group company would continue to generate relatively steady cash flow over the next 12-18 months and would be able to realign its capital spending plans in the event of a liquidity squeeze.

Adani Green hit a 5 per cent lower circuit limit at Rs 687.75. Moody's changed the outlook for Adani Green to 'negative' from 'stable', while keeping its rating at Ba3 ratings.

The change in the outlook to negative on Adani Green, Moody's said, considers the company's large capital spending program and dependence on sponsor support, potentially in the form of subordinated debt or shareholder loans, which will likely be less certain in the current environment.

"The negative outlook also factors in the company's significant refinancing needs of around $2.7 billion in fiscal year ending March 2025 (fiscal 2025) and limited headroom in its credit metrics to manage any material increase in funding costs," it said.

Adani Transmission fell 5 per cent to Rs 1,126.85 . Moody's changed the outlook for a wholly-owned arm Adani Transmission Step-One to negative. The change in the outlook, Moody's said, considers the modest headroom in  parent Adani Transmission's credit metrics relative to the minimum tolerance level under Moody's base case scenario, which limits the group's ability to withstand a material increase in funding cost or reduced funding access.

Meanwile, Adani Ports, Adani Transmission and Adani Green Energy, have also pledged additional shares for lenders of Adani Enterprises, SBICAP Trustee Co, said in an exchange filing on Friday. SBICAP Trustee Co is a unit of the State Bank of India, India’s biggest bank by assets.

Adani Enterprises, the Adani group flagship was trading 0.39 per cent lower at Rs 1,840.10.

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Also read: Ambuja Cements, Adani Ports shares out of ASM framework. This is what it means