Adani Enterprises dropped 3.58% to Rs 68.70 at 11:55 IST on BSE, with the stock extending recent sharp losses.
Meanwhile, the BSE Sensex was down 411.43 points, or 1.6%, to 25,330.13.
On BSE, so far 9.16 lakh shares were traded in the counter, compared with an average volume of 12.68 lakh shares in the past one quarter.
The stock hit a low of Rs 68.40 so far during the day, which is also a 52-weeek low for the stock. The stock hit a high of Rs 76 in intraday trade. The stock hit a 52-week high of Rs 803.90 on 26 May 2015.
The stock had underperformed the market over the past one month till 24 August 2015, sliding 16.52% compared with 8.43% fall in the Sensex. The stock had also underperformed the market in past one quarter, declining 91.04% as against Sensex's 7.93% decline.
From a recent high of Rs 86.10 on 17 August 2015, the stock has declined 22.5% in six sessions to current ruling price of Rs 68.70.
The mid-cap company has an equity capital of Rs 109.98 crore. Face value per share is Re 1.
Adani Enterprises announced after market hours yesterday, 24 August 2015, that Adani Group has signed on 24 August 2015, a memorandum of understanding (MOU) with the Government of Chhattisgarh to develop two critical projects in the state. The project cost for both the projects is estimated to be around Rs 25200 crore.
The two projects comprise of a Coal to Poly?generation (CTP) Project and a Rice Bran Solvent Extraction Plant & Refinery.
The first project to be set up is a Coal to Poly generation (CTP) Project consisting of Ammonia/Urea and Substitute Natural Gas (SNG) Complex via gasification of Indian high ash coal sourced from within the state. The project cost is estimated to be more than Rs 25000 crore and includes coal to urea, coal to SNG plant and coal based thermal power plant. The CTP project has the potential to generate 5000 jobs as well as substantial revenue to the state of Chhattisgarh. In addition to this, the project will strengthen the overall socio? economic status of Chhattisgarh State. The proposed CTP project of Adani Enterprises (AEL) is a unique project, being set up for the first time in India, based on coal to synthetic energy. Based on the various studies, Adani Enterprises believes that the CTP, project would add significant value to the Indian economy. The project will not only help ensuring energy security for India but also drive macroeconomic growth through the coal based fuel.
The second project comprises of setting up a Rice Bran Solvent Extraction Plant and a physical refinery packing plant at Rajnandgaon in the state of Chhattisgarh. The project cost is estimated to be around Rs 200 crore and has the potential to generate more than 600 jobs in the state of Chhattisgarh. The proposed project will not only help in increasing the potential of rice bran oil production in the state but will also help in generating employment and economic growth in the region of operation.
Adani Enterprises' consolidated net profit fell 31.8% to Rs 379.67 crore on 30.8% decline in total income to Rs 11543.50 crore in Q1 June 2015 over Q1 June 2014.
Adani Enterprises is a diversified company. The company is engaged in the business of coal trading, coal mining, renewable energy among others.
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