Adani Enterprises fell 4.63% to Rs 68.05 at 9:57 IST on BSE after consolidated net profit fell 78.87% to Rs 63.09 crore on 18.49% decline in total income to Rs 7770.59 crore in Q2 September 2016 over Q2 September 2015.
The result was announced after market hours yesterday, 24 October 2016.Meanwhile, the BSE Sensex was down 120.08 points, or 0.43%, to 28,059.
On BSE, so far 1.89 lakh shares were traded in the counter, compared with average daily volume of 4.94 lakh shares in the past one quarter. The stock hit a high of Rs 70.70 and a low of Rs 67.70 so far during the day. The stock hit a 52-week high of Rs 94.80 on 26 October 2015. The stock hit a 52-week low of Rs 58.45 on 29 February 2016. The stock had outperformed the market over the past 30 days till 24 October 2016, falling 0.42% compared with 1.71% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 13.93% as against Sensex's 0.72% rise.
The mid-cap company has equity capital of Rs 109.98 crore. Face value per share is Re 1.
Ameet Desai, Executive Director of Adani Enterprises and Group CFO said that this has been a good quarter with recurring financial performance despite multiple headwinds including market volatility for commodities. The company has well-rounded growth in volume at its mining, agro and city gas businesses during the quarter. With improving economic climate and business sentiment, the company expects to further boost its financial performance, Desai said.
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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