Adani Power, Adani Transmission, Adani Green, Adani Wilmar shares rise up to 7%. Here's why

Shares of four Adani Group companies, whose circuit filters were revised on Wednesday by the BSE, surged up to 7 per cent during the trading session. However, other group companies were also in action, but the movement in those counters remained comparatively lesser.

Shares of Adani Power surged more than 7 per cent to Rs 281.2 on Wednesday after the revision of its circuit filter to 20 per cent by the BSE, which was 5 per cent earlier. However, the stock settled at Rs 263 on Tuesday and the company was commanding a total market capitalization close to Rs 1.1 lakh crore.

Adani Transmission gained about 4 per cent to Rs 845 during the session, commanding a total market capitalization close to Rs 95,000 crore. The stock ended the previous session at Rs 816.10 on BSE. Global brokerage firm Jefferies has a buy rating on Adani Transmission with a target price at Rs 1,400, suggesting an upside of 72 per cent from its previous close.

Adani Wilmar rose about 3 per cent to Rs 442 during the session, while Adani Green Energy added about 2 per cent to Rs 1,007.45 during the session. The stocks had settled at Rs 429.65 and Rs 992.85 the other day.

The circuit filters for Adani Wilmar, Adani Green Energy and Adani Transmission were revised to 10 per cent each from 5 per cent each earlier.

The move came a week after NSE and BSE removed the securities of Adani Enterprises from the short-term ASM framework. On May 24, both the bourses put Adani Enterprises under the short-term additional surveillance measure (ASM) framework.

The circuit filter on the exchanges determines the maximum limit in which a security's price can move in either direction. The mechanism is used to maintain market integrity and curb excessive price movement or volatility in the securities.

Other Adani Group stocks including Adani Total Gas, Adani Enterprises and Adani Ports and Special Economic Zone added up to a per cent each.

The Gautam Adani-led group, which has interests ranging from ports to airports, from electricity generation to transmission and distribution, from edible oil to FMCG products, logistics, cement, and roads, recorded its highest ever EBITDA at group portfolio level of Rs 57,219 crore in FY23, up 36 per cent on a year-on-year (YoY) basis.

Adani Group had on Monday said it has repaid loans aggregating $2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report by Hindenburg a US-based short seller.