Adani Enterprises gained 1.15% to Rs 70.60 at 12:00 IST on BSE after the company said that it incorporated a wholly owned subsidiary namely, Adani Cementation on 6 December 2016.
The announcement was made after market hours yesterday, 6 December 2016.Meanwhile, the BSE Sensex was up 37.24 points, or 0.14%, to 26,429.92.
On the BSE, 1.28 lakh shares were traded in the counter so far, compared with average daily volume of 4.06 lakh shares in the past one quarter. The stock had hit a high of Rs 71.10 and a low of Rs 70.05 so far during the day. The stock had hit a 52-week high of Rs 92 on 4 January 2016. The stock had hit a 52-week low of Rs 58.35 on 9 November 2016.
The stock had outperformed the market over the past one month till 6 December 2016, rising 11.77% compared with the Sensex's 3.23% fall. The scrip had also outperformed the market in past one quarter, declining 3.19% as against the Sensex's 8.92% fall.
The mid-cap company has equity capital of Rs 109.98 crore. Face value per share is Re 1.
Adani Enterprises said that Adani Cementation (ACL) will carry on the cement business and is yet to commence its business operations. The company is incorporated in India.
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Adani Enterprises' consolidated net profit fell 78.9% to Rs 63.09 crore on 15.9% decline in net sales to Rs 7591.28 crore in Q2 September 2016 over Q2 September 2015.
Adani Enterprises is the flagship entity of the Adani group. Adani Enterprises started as a trading firm dealing in myriad commodities. Over a period of time, coal became its main stay and after it emerged as India's leading coal importer, it made forays into multiple sectors as forward and backward integration.
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