From mint · A Ksheerasagar · · 1m
Adani Enterprises Gets Highest Credit Rating
Adani Enterprises' credit rating upgraded to highest-ever AA Stable, shares up 22% YTD.
In brief
Adani Enterprises' credit rating upgraded to highest-ever AA Stable, shares up 22% YTD. Adani Enterprises received CARE Ratings' highest-ever credit rating of AA Stable, with shares rising 22% year-to-date. Originally reported by mint.
Adani Enterprises Credit Rating
Adani Enterprises achieved an upgraded long-term rating of AA Stable, its highest credit rating in history.
“AEL has constantly strengthened its credit profile over the last seven years while executing an ever-increasing core infrastructure-led capex.”
Rating Upgrades
CARE Ratings upgraded long-term bank facilities worth ₹ 4,000 crore from AA- to AA Stable, and short-term facilities worth ₹ 16,505 crore from AA-Stable to A1+.
Share Price Performance
Adani Enterprises shares rose 22% year-to-date, outperforming the Sensex's 14% decline.
Recent Share Subscription
Adani Airport Holdings raised ₹ 9,800 crore from investors including BlackRock and Temasek.
Financial Performance
Adani Enterprises reported a ₹ 32,924 crore revenue surge 49.9% YoY, with a one-time ₹ 2,644 crore charge.
Market Reaction
Motilal Oswal Financial Services maintains a buy call on Adani Enterprises with a target price of ₹ 3,880.
What it means
Adani Enterprises received CARE Ratings' highest-ever credit rating of AA Stable, with shares rising 22% year-to-date.
