Stock to watch tomorrow: Mumbai-based rating agency CARE Ratings Ltd. has upgraded its credit outlook for Adani Power’s Non-Convertable debentures (NCD) to “CARE AA; Stable” rating on Tuesday, January 7, according to the exchange filing.
The power generation and distribution firm’s NCD amounts to ₹5,000 crore, according to the BSE filing on Tuesday.
“This is to inform that 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 the BSE filing.
Adani Power share price today
Adani Power Ltd. shares closed 2.46 per cent higher at ₹510.20 after Tuesday’s trading session, compared to ₹497.95 at the previous market close. The development was filed with the exchange after the stock market closing time on January 7.
Adani Power shares hit an intraday high of ₹521.05 in the early trading session, while the stock touched an intraday low of ₹497.75 on Tuesday.
The company shares were trading at a 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 of January 7, 2025, the company’s market capitalization stands at over ₹1.94 lakh crore.
Adani Power Ratings
Apart from the current ratings upgrade to a “CARE AA; Stable” to the ₹5,000 crore Non-Convertable Debentures (NCD), the agency has also reaffirmed other debt outlooks for the power generation and distribution firm.
CARE ratings have reaffirmed the ratings of Long-Term Bank Facilities amounting to ₹21,805.99 crore at “CARE AA; Stable”.
The ratings on the Long-term/Short-term Bank facilities amount to ₹8,429.01 crore at “CARE AA; Stable/CARE A1+” as per the exchange filing.
The agency also reaffirmed its position of “CARE A1+” rating on the Short Term Bank Facilities amounting to ₹765 crore.
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