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Shares of Adani Enterprises have rallied 4.5% to Rs 582 on back of heavy volumes on the bourses on reports that the company has planned restructuring to improve balance sheet.
The stock hit a high of Rs 596, its highest level in past 40-months, during intra-day trade on BSE. Earlier, on September 22, 2011, it touched high of Rs 610 in intra-trade trade.
Till 1500 hours, a combined 5.87 million shares changed hands on the counter against an average sub 2 million shares that were traded daily in past two weeks on BSE and NSE.
The stock hit a high of Rs 596, its highest level in past 40-months, during intra-day trade on BSE. Earlier, on September 22, 2011, it touched high of Rs 610 in intra-trade trade.
Till 1500 hours, a combined 5.87 million shares changed hands on the counter against an average sub 2 million shares that were traded daily in past two weeks on BSE and NSE.
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According to report, the company has appointed KPMG as an advisor to restructuring. Shareholders to get 10 shares for every 7 shares held in Adani Port. Shareholders to get 20 shares for every 11 shares held in Adani Power. Promoters to get direct stake in Adani port and Adani power.
In this regard, Exchange has advised the Company to provide clarification/confirmation on the news item. The response from the Company is awaited.
Meanwhile, since January 16, the stock has outperformed the market by surging 17% from Rs 500, after its board has approved divestment of stake in Maharashtra Eastern Grid Power Transmission Company (MEGPTCL) to its subsidiary, Adani Transmission. The benchmark S&P BSE Sensex gained 5% during the same period.
Among the other group stocks - Adani Power has surged 4% at Rs 51.60 on BSE. Adani Port and Special Economic Zone up 1% at Rs 343 after hitting high of Rs 349 during intra-day trade on BSE.
