Adani Enterprises rose 1.42% to Rs 239.80 after Airbus India and Adani Defence & Aerospace signed an agreement on Thursday to explore opportunities for collaboration in the area of aircraft services for Indian and South Asian market.
Airbus India and Adani Defence 8 Aerospace signed a memorandum of understanding (MoU) at DefExpo 2020 to leverage synergies in aerospace and civil aviation sector. Both the companies will explore opportunities for collaboration in the area of aircraft services for Indian and South Asian market. Airbus' Global Services forecast envisages the Indian aircraft services market to grow to $6.3 billion by 2025."Adani Defence & Aerospace has established a comprehensive aerospace and defence ecosystem in India. With Adani's recent foray into airports. this potential collaboration will leverage the synergies between the product and services excellence of Airbus and infrastructure, engineering and mega project execution capabilities of Adani," the Indian company said in a statement after market hours yesterday, 6 December 2020.
Adani Elbit Advanced Systems, a joint venture between Adani Defence & Aerospace and Elbit Systems of Israel, said during trading hours on Thursday, it has started exporting Hermes 900 unmanned aerial vehicle (UAV) platform to international customers.
Hermes 900 is a combat-proven, multi-role unmanned platform with an endurance of 36 hours, payload capacity of 420 kg and altitude of over 32,000 feet with applications across civil, defence and homeland security.
Shares of Adani Enterprises jumped 8.53% in four consecutive trading sessions to its current market price of Rs 239.80, from its recent closing low of Rs 220.95 recorded on Monday, 3 February 2020.
On the technical front, the stock's RSI (relative strength index) stood at 69.217. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The consolidated net profit surged 364.20% to Rs 426.26 crore in Q3 December 2019 (Q3 FY20) as against Rs 91.83 crore reported in Q3 December 2018 (Q3 FY19). Net sales increased 5% to Rs 10,948.17 crore in Q3 FY20 over Q3 FY19.
Adani Enterprises is the flagship company of Adani Group, one of India's largest business conglomerates. AEL is a fast-growing company with a diversified business portfolio comprising integrated coal management and mining services, solar modules manufacturing as well as edible oil business.
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