Adani Enterprises hits new life-time high, stock up 5% on heavy volume

Shares of Adani Enterprises hit a new high of Rs 2,412, on rallying 5 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes on multiple news report. The trading volume at the counter nearly doubled with a combined 2.3 million equity shares changing hands on the NSE and BSE till 02.10 pm. The S&P BSE Sensex was up 1 per cent at 57,172.

Adani Enterprises, a flagship of Gautam Adani-led group company, is presently focused on businesses related to airports, roads, water, data centre, solar manufacturing, defence and aerospace, edible oils and foods, mining, integrated resource solutions and integrated agri-supply chain. Adani Enterprises has 122 subsidiaries as on March 31, 2021 which includes Adani Airport Holdings, Adani Cementation and Adani Railways Transport.

In June 2021, Adani Enterprises had incorporated a wholly-owned subsidiary namely, Adani Cement Industries to carry on business as manufacturers, producers, processors of all types of cements.

According to a Bloomberg report, Gautam Adani’s conglomerate is in advanced talks to acquire Holcim Ltd.’s businesses in India. The billionaire’s Adani Group could sign an agreement to acquire a controlling stake in Ambuja Cements Ltd. from Holcim as soon as in the coming days, the news agency reported quoting familiar with the matter. CLICK HERE FOR FULL REPORT

According to Business Standard report, Adani-owned Mumbai International Airport Ltd (MIAL) has reached an agreement with the Airports Authority of India (AAI) on resuming revenue payment. The state-owned airport operator is also in final discussions with Delhi International Airport Ltd (DIAL) on the matter. This is likely to begin as early as next month, people aware of the development said. CLICK HERE FOR FULL REPORT

Meanwhile, on April 8, 2022, International Holding Co had agreed to invest $2 billion in three Adani Group companies -- Adani Green Energy, Adani Transmission and Adani Enterprises -- through the preferential allotment route. Adani Enterprises had said it will allot 4.02 million equity shares at price of Rs 1,915.85 per share aggregating to Rs 7,700 crore.

The transaction is expected to be completed in a month, after all necessary approvals are obtained. The capital will be utilized for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes, the company had said in exchange filing.

CARE Ratings also revised and upgraded credit ratings assigned to the principal protected market-linked debenture (MLD) issue, non-convertible debenture (NCD) issue and bank facilities of Adani Enterprises.

"The revision in the ratings takes into consideration the strengthened financial flexibility of the Adani group. The factors are led by established track record of successful incubation of businesses across various verticals, completion of substantial capex in subsidiaries of Adani Enterprises and recovery of passenger traffic in the airport segment during 9MFY22 (refers to the period April 01 to December 31)," said CARE Ratings in rating rational on March 21, 2022.