Adani Enterprises is newsmaker

Adani group stocks remain very much the newsmakers today. While Adani Enterprises is right there among the top five gainers, almost in a defiance mode, all the other Adani stocks are in the red, with many of them leading the losers pack. Adani Ports is another stock strongly in the green.

Currently the Rs.20,000 crore FPO of Adani Enterprises is on and that probably explains the surge in the price; in the opening bell trade it rose 10% to Rs.3038.35 and is now trading at Rs.2906. These prices remain below the FPO price of Rs 3,112-Rs 3,276 per share.

All the other ones - Adani Total Gas, Adani Transmission and Adani Green continue with the selloff.

The rise in Adani Enterprises is probably a reactiostin to the confidence shown by the Adani Group CFO Jugeshinder Singh, who said he is confident the FPO will sail through and that his group was not looking to make any changes with respect to either price band or offer period. Singh said that the FPO now will be led majorly by institutional and long-term strategic book.

He said that in the event of offer price being lower than anchor investor allocation price, the difference will not be funded to anchor investors.

The FPO committee is scheduled to meet on February 1 for the approval of offer price and prospectus in relation to the offer.