AEL, Adani Power, Adani Ports, Adani Energy: Why Adani stocks are rising today

A host of Adani Group stocks, including Adani Enterprises Ltd (AEL), Adani Power Ltd, Adani Ports Ltd and Adani Energy Solutions Ltd, gained in Wednesday’s trade after a Bloomberg report, citing sources, said the group was looking to raise $2.5 billion from global lenders to refinance debt used to fund its acquisition of two cement companies.

The group stocks were also in focus earlier today after the flagship AEL said it would raise Rs 9,825 crore from global a consortium of investors comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds by offering them 5.54 per cent stake in its Airport business. Adani Enterprises jumped 6.13 per cent to hit a high of Rs 3,141.40 on BSE.

Adani Ports rose 4.48 per cent to Rs 1,785.50 after the company won a contract to build and operate two dry bulk berths at Paradip Port in eastern India.

Adani Energy Solutions Ltd, on the other hand, was focus after India's largest private transmission and distribution company said its arm Powerpulse Trading Solutions Limited (PTSL) would supply 2,500 MW Round-the-Clock (RTC) power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for a period of 25 years from the scheduled commencement date of supply.

The receipt of this Letter of Award (LOA) was announced earlier by Adani Power Ltd (APL) on April 2.

Adani Energy Solutions Ltd advanced 2.72 per cent to Rs 1,445.90. Adani Power climbed 3.79 per cent to hit a high of Rs 208.20.

Adani Green Energy added 1.68 per cent to Rs 1,311. Ambuja Cements and ACC were flat.