Shares of seven Adani Group companies were trading in the green zone in Monday's trading session, adding to the gains from Friday's trade.
The shares rose despite rating agency ICRA cutting outlook of Adani Ports & Special Economic Zone and Adani Total Gas from ‘stable’ to ‘negative’ on Friday.
In its report, the rating agency stated that the outlook has been revised due to the worsening of the group's financial flexibility as a result of a sharp drop in share prices and an increase in the yield of foreign bonds raised by group entities.
Life Insurance Corporation chairperson MR Kumar told CNBC-TV18 that the company met with the Adani management and as a result of the meeting, they are now more optimistic about the group's business.
This news improved the overall sentiment.
Further, the petition made by the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) to challenge the decision of the Appellate Tribunal for Electricity in favour of Adani Power was denied by the Supreme Court.
Last week, GQG Partners acquired 21 crore shares worth ₹15,446 crore in four Adani Group companies – Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Green Energy Ltd, and Adani Transmission Ltd via block deal.
On Friday, seven Adani Group companies gained ₹129,545 crore market cap, with Adani Enterprises (gained market cap worth ₹61,531 crores) taking the lead followed by Adani Ports and Special Economic Zone (gained market cap worth ₹33,764 crores).