By Malvika Gurung
Investing.com — Adani Group stocks are on a roll in Tuesday’s intraday trade, led by multiple positive triggers, the major one being a prepayment of loans made by the conglomerate’s promoters ahead of maturity.
The promoters of Adani Group have made a prepayment of $1,114 million towards loans against pledged shares prior to maturity in September 2024. The conglomerate will release equity shares in three of its key companies, including Adani Ports and Special Economic Zone (NS:), Adani Green Energy (NS:) and Adani Transmission (NS:).
Read Also: Adani Group Promoters Prepay $1.11 Bn Loan Ahead of Maturity, Shares Rally
Further, the mega-cap Adani Transmission posted a robust Q3 earnings show on Monday, reporting a 77.8% YoY jump in net profit to Rs 474.7 crore, while the revenue rose 22% YoY to Rs 3,551.7 crore.
Its EBITDA jumped 64% YoY in Q3 FY23 to Rs 1,478 crore, while the EBITDA margin soared 1,066 basis points to 41.6% compared to the year-ago period.
Last week, the global brokerage major Credit Suisse (SIX:) upgraded its rating on Adani Ports from ‘Neutral’ to ‘Outperform’, citing attractive valuations and a robust outlook for earnings growth.
Further, the port operator’s business update for January 2023 witnessed its total cargo volumes growing by 11% on a YoY basis to almost 27.6 MMT.
From April 2022-January 2023, Adani Ports clocked nearly 280.5 MMT of cargo volumes, recording a good 8% growth YoY.
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