Stock to watch tomorrow: Adani Power shares in focus after THIS Care rating update | Stock Market News
Source: Live Mint
Stock to watch tomorrow: Shares of Adani Power will be in focus in trade tomorrow (January 8) as rating agency CARE Ratings assigned ‘CARE AA; Stable’ credit rating to the proposed non-convertible debentures of the Adani group company.
The power generation and distribution firm’s NCDs amount to ₹5,000 crore, according to the BSE filing on Tuesday, January 7.
“This is to inform CARE Ratings Limited has assigned ‘CARE AA; Stable’ credit rating to the proposed Non-Convertible Debentures (NCD) of Adani Power Limited and reaffirmed the credit ratings assigned to the company’s bank loan facilities,” said Adani Power in a BSE filing post-market closing hours.
Adani Power ratings
Apart from the rating actions on ₹5,000 crore NCDs, the agency also reaffirmed debt outlooks for Adani Power’s long-term and short-term bank facilities.
CARE ratings have reaffirmed the ratings of Long-Term Bank Facilities amounting to ₹21,805.99 crore at “CARE AA; Stable”. Meanwhile, CARE retained its rating on the Long-term/Short-term Bank facilities amounting to ₹8,429.01 crore at “CARE AA; Stable/CARE A1+”.
Lastly, the agency also reaffirmed its “CARE A1+” rating on the Short-Term Bank Facilities amounting to ₹765 crore.
Adani Power share price today
Adani Power shares closed 2.46 per cent higher at ₹510.20 in Tuesday’s trading session as against its previous market close of ₹497.95.
Adani Power shares hit an intraday high of ₹521.05 in today’s trading session, while the stock touched an intraday low of ₹497.75.
The company shares touched the 52-week high level of ₹896.75 on June 3, 2024, while the 52-week low level was at ₹430.85 on November 21, 2024, according to BSE data. As on January 7, 2025, the company’s market capitalisation stood at over ₹1.94 lakh crore.
“Power as a sector is now in an uptrend and there is ample opportunity for further growth. Adani Power is well-positioned to capitalise on the growing opportunities. Adani Power stock has been in consolidation mode in the last few months but the current rating by CARE on the proposed Non-Convertible Debentures (“NCD”) is positive for the company and for the issue,” said Kranthi Bathini, Equity strategist at WealthMills Securities.
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