Multibagger Adani Group stock continues to rally, hits fresh all-time high

Market


Shares of Adani Enterprises Ltd continued its rally, and surged over a per cent on the BSE in Friday’s early deals to hit a fresh all-time high level of 3,506 apiece. The stock has been on the upward trend as it is going to be included in the benchmark Nifty 50 index this month.

As part of the index rejig, Adani Enterprises is replacing Shree Cement from the index and the changes will be effective from September 30, 2022 while the adjustment will take place on September 29, 2022 (Thursday). The inclusion of Adani Enterprises into the Nifty 50 index by this month-end, is set to attract inflows of about $285 million, as per domestic brokerage and research firm Edelweiss.

Headquartered in Ahmedabad, Adani Enterprises Ltd (AEL) is the flagship firm of Indian conglomerate Adani Group. The stock has given multibagger return of more than 103% in 2022 (YTD) and has rallied over 111% in six months period alone.

The company’s attributable net profit increased by 73% to 469 crore in the first quarter ended June of the current financial year whereas its consolidated revenue surged by 223% year-on-year (YoY) to 41,066 crore for the quarter ended June 30, 2022, on the back of strong performance by integrated resources management (IRM) and airport business.

The company’s EBIDTA jumped by 107% to 1,965 crore due to full consolidation of airports business and improved realisations in IRM business. During the first quarter of the current financial year, the company completed 7,700 crore primary equity transaction with Abu Dhabi-based International Holding Company (IHC) for 3.5% stake.

“AEL’s high growth lays the foundation for us to accelerate the continued development of new businesses like data centres, airport ecosystems, road and water infrastructure, defence and aerospace, and digital technology services. Through our partnership with TotalEnergies in ANIL, we have also begun our journey to become the world’s largest player in green hydrogen,” Gautam Adani, Chairman of Adani Group, had said in a statement. As part of a deal TotalEnergies has agreed to invest in Adani Group to buy 25% stake in Adani New Industries Limited (ANIL).

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Post your comment



Source link

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments