The Adani Group responded to the allegations made by short-seller Hindenburg Research on Sunday, calling the report a false narrative written with malafide intent and without an understanding of Indian laws. Despite that, most of the Adani group stocks started the week by trading in the red.
However, here are 2 Adani group stocks that are trading green on Monday’s session after the group announced corporate actions :
Ambuja Cements Limited
The shares of Ambuja Cements Limited were trading 4 percent higher on Monday’s Session at Rs 395 levels. The scrip gained after reports surfaced that the Adani group is considering a share buyback proposal of the company. Talks are at an advanced stage and formal announcements by the company boards will be made in the coming weeks, as per the Economics Times report.
This came after the shares of the cement company crashed by more than 15 percent on Friday after a Hindenburg Research report claimed that the Adani group is playing a con.
Ambuja Cements Ltd. is among the leading cement companies in India which were recently acquired by the Adani group. The company has a strong presence in 80 countries, and a focus on cement, aggregate, and concrete. The company has a capacity of 31 Million MT per annum.
Adani Ports and Special Economic Zone Limited
For the purpose of buyback of shares, the Adani group is also considering Adani Ports and Special Economic Zone. As per the report published by Economics Times, the group is considering a buyback worth up to Rs 3,000 crore. The scrip was trading marginally higher at Rs 597 levels.
In the span of a month, the shares of Adani Ports and Special Economic Zone have fallen from RS 818 levels to the current level, marking a decline of more than 26 percent.
Adani Ports and Special Economic Zone Limited (APSEZ), formerly known as Mundra Port and Special Economic Zone Limited, is India’s largest private multi-port operator led by Gautam Adani.
Written by Anoushka Roy
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