MC BudEx closes flat; Adani Ports gains most, Tata Steel top loser

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February 6, 2023
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Adani Ports was the top gainer on the BudEx, closing 8.63 percent higher at Rs 541.90 apiece. The stock was buoyed by the news of its promoters releasing some of their pledged stake in the company

Moneycontrol’s Budget Sensitivity Index (MC BudEx) closed 0.39 percent higher on February 6. In comparison, the Nifty and the Sensex ended in the red, shedding 90 points and 330 points, respectively.

Adani Ports was the top gainer on the BudEx, closing 8.63 percent higher at Rs 541.90 apiece. The stock was buoyed by the news of its promoters releasing some of their pledged stake in the company.

With prepayment of $1.114 billion of share-backed facility ahead of maturity of September 2024, about 168 million shares (12 percent stake) of the promoters’ holding in Adani Ports will now be released.

As of December 2022 end, Adani Ports had 17.31 percent stake pledged. This will come down to 5.31 percent.

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