Stocks To Watch: Adani Enterprises' Arm Raises $394 Million

Stocks To Watch: Adani Enterprises’ Arm Raises $394 Million from Barclays and Deutsche Bank

Shares of Adani Enterprises Ltd are in the spotlight as its subsidiary, Adani New Industries, has successfully raised a significant trade finance facility of $394 million (approximately Rs 3,231 crore). The financing comes from renowned financial institutions Barclays PLC and Deutsche Bank AG. The primary purpose of this substantial financial backing is to cater to the working capital requirements of Adani New Industries’ integrated solar module manufacturing plant.

As of the latest trading session, Adani Enterprises’ shares have surged by 0.90% to reach Rs 2,451, compared to the previous closing price of Rs 2,429.25 on the BSE (Bombay Stock Exchange). The stock began the session slightly higher at Rs 2,440.25 on the BSE. Remarkably, Adani Enterprises’ market capitalization has climbed to an impressive Rs 2.79 lakh crore. During this session, approximately 0.16 lakh shares exchanged hands, with a total turnover of Rs 3.87 crore on the BSE.

Analyzing the technical aspects of Adani Enterprises’ stock, the Relative Strength Index (RSI) currently stands at 54.3, indicating that the stock is neither overbought nor oversold. Notably, Adani Enterprises’ stock has displayed high volatility over the past year, with a one-year beta of 2.1. Furthermore, it is worth mentioning that the stock’s current trading price is higher than the 10-day, 20-day, 50-day, 100-day, but lower than the 200-day moving averages.

“Adani New Industries Limited (ANIL) ecosystem today raised trade finance facility of $394mn (Rs 3,231 Cr) from Barclays PLC and Deutsche Bank AG for securing working capital requirements of its integrated solar module manufacturing facility. ANIL, a wholly owned subsidiary of Adani Enterprises Ltd, is building an ecosystem of one of the largest integrated green hydrogen businesses, including solar modules and wind turbine manufacturing,” said Adani Enterprises in a stock exchange filing.

Adani Enterprises has revealed that it will release its financial results for the June quarter on August 3. Being the flagship company of the Adani Group, its performance has significant implications for the group as a whole.

Despite the recent dip of 1.53% to close at Rs 2,429.25 on Thursday, compared to the previous close of Rs 2,467 on the BSE, Adani Enterprises’ stock has witnessed a year-to-date decline of 36.37%. Additionally, it has suffered a 4.19% loss over the past year.

Stocks To Watch

Apart from Adani Enterprises, several other stocks are expected to be in the spotlight:

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Lupin: The pharmaceutical company has addressed the concerns raised in the warning letter issued by the U.S. FDA for its Goa and Pithampur facilities. It has taken corrective actions to rectify the issues.

Indian Hotels: The company, or one of its subsidiaries, is set to acquire 100% equity of Pamodzi Hotels PLC, a listed company in Zambia, from Tata International Singapore PTE Ltd. The acquisition will involve purchasing a 90% stake from Tata, with the remaining 10% stake acquired through a delisting process in Zambia.

JK Lakshmi Cement: The company has acquired 100% equity shareholding of Hidrive Developers and Industries for Rs 16.33 crore in cash. Furthermore, it has planned to raise up to Rs 2,500 crore through debt to partly finance its ongoing projects and explore various growth opportunities.

Rail Vikas Nigam: The government has decided to exercise the green shoe option in Rail Vikas Nigam’s offer for sale. Consequently, an additional 1.96% stake in Rail Vikas Nigam will be divested under this green shoe option. The non-retail portion has already received an overwhelming demand of 273% on the first day.