MC A10 Index improves 8% on Adani Enterprises stocks: Report
Mumbai: The MC A10 index, which is an indicator of Adani Group stocks, ended a seven-day losing streak due to some low-level purchasing in some of the companies, despite the benchmark indices closing half a percent lower, media reports said.
The index rose by 7.63% to reach 29.82, compared to the previous day's closing value. However, over the past 14 sessions, the index has only closed positively twice, reported Moneycontrol.
The A10 index reflects the current fluctuations in the prices of all 10 stocks within the Adani group. Each company's weight in the index is determined by its total market capitalization.
The index got a major boost from Adani Enterprises, which gained 14 percent. Additionally, Adani Green Energy, Adani Ports, and Adani Power each gained 5 percent, which also contributed to the index's positive performance.
Adani Total Gas and Adani Transmission continued to plummet and dipped 5 percent each.
The increase in the A10 index occurred as the Adani Group reportedly plans to repay or prepay share-backed loans amounting to around $690 million to $790 million by the end of March. The move is aimed at improving the group's credit profile after its debt concerns were raised by US-based short-seller Hindenburg Research.
Adani Green Energy intends to refinance its 2024 bonds using a three-year credit line worth $800 million, the report said quoting sources, who did not wish to be named.
On February 27, Adani Group's management presented their plans to bondholders in Hong Kong, the report said.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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