Mumbai, Feb 3 (IANS) Stocks of the Adani Group companies surged on Tuesday in early trade after the announcement of the India-US trade deal, led by Adani Enterprises Ltd (AEL), which traded near the upper circuit of 10 per cent.
Adani Green and Adani Energy also gained more than 7 per cent as the stock market rallied. The gains trickled down to Adani Ports, Adani Power, Ambuja Cements and Adani Total, all of which rose by than 4 per cent.
The investor sentiment in Adani Group companies was aided by the US-India trade deal, with Jefferies highlighting the conglomerate as one of the key beneficiaries.
According to Jefferies, this is largely on account of the Adani Group companies’ significant exposure to the US, which also highlighted auto ancillaries, solar manufacturers, chemical companies and textiles as some of the other sectors likely to benefit from the trade deal.
The United States has agreed to reduce tariffs on all ‘made in india’ products to 18 per cent, marking a significant milestone in further boosting and strengthening bilateral trade relations between the two countries.
Meanwhile, Japan Credit Rating Agency (JCRA) recently initiated ratings of three Portfolio companies — Adani Ports and SEZ (APSEZ), Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd. (AESL) — assigning long-term foreign currency credit ratings with a ‘Stable’ outlook to all three companies, it was announced on Friday.
Japan’s leading rating agency assigned Adani Ports and Special Economic Zone Ltd. (APSEZ) a A- (Stable) rating, representing a rare breach of the sovereign threshold by an Indian corporate by an international rating agency. Moreover, Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd. (AESL) have each been rated BBB+ (Stable). These ratings are at par with India’s sovereign rating of BBB+.
—IANS
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