In a separate development, a PTI report said Adani Group plans to invest over Rs 1.2 lakh crore (about $14 billion) in its portfolio companies in FY2024, ranging from ports to energy, airports, Raw materials, cement and media are enough. 25. The forecast capital expenditure (Capex) for FY25 is 40% higher than the estimated capital expenditure of around $10 billion in FY24.

Last month, global brokerage Jefferies launched a buy call on Adani Enterprises Ltd (AEL), saying EBITDA is expected to double from FY23 to FY26 and grow more than three times by FY28. The agency says in its report that with new business areas of the airport and green hydrogen, it expects EBITDA to grow three times in FY24-28.

In addition, US-based rating agency Moody's Investor Services also earlier changed its outlook for four Adani Group companies from “negative” to “stable” while affirming the ratings of eight companies. The rating agency has revised its outlook for Adani Green Energy, Adani Green Energy Restricted Group 1, Adani Transmission Step-On and Adani Electricity Mumbai to stable from negative. The outlook for Adani Energy Solutions Restricted Group 1, Adani Ports and Special Economic Zone, Adani International Container Terminal and Adani Green Energy Restricted Group 2 was confirmed as “stable”.

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