Shares of Adani Group’s flagship company Adani
Enterprises gained more than 3 per cent in today’s trade ahead of the
announcement of the financial results for the quarter ended September 2023.
The stock opened the day at ₹2,247 per share, crossing
its previous closing price of ₹2,217 and later hit an intraday high of
₹2,297.95, marking a 3.45 per cent increase.
At 2:00 pm, the stock was trading with a gain of 3.24
per cent at ₹2,289.95.
Looking at the present year’s performance, the shares
have lost about 41 per cent of their value, dropping from ₹3,870 to ₹2,289.
So far, seven out of the ten Adani Group firms have
already disclosed their Q2FY24 results, including ACC, Adani Power, Ambuja
Cements, Adani Total Gas, Adani Energy Solutions, Adani Green Energy, and Adani
Ports & Special Economic Zone.
In Q1FY24, Adani Enterprises reported a 44 per cent
YoY increase in its consolidated net profit, reaching ₹677 crore. However, the
company’s revenue from operations dipped by 37 per cent YoY, largely hit by the
decline in coal prices.
In other developments, Adani Global Pte Ltd,
Singapore, a wholly-owned subsidiary of Adani Enterprises Ltd, had declared a
50:50 joint venture (JV) with Kowa Holdings Asia Pte Ltd, Singapore, for the
sales and marketing of green ammonia, green hydrogen, and their derivatives.
This JV will focus on product marketing in Japan, Taiwan, and Hawaii.
“The JV with Kowa for green hydrogen marketing is a
natural and strategic extension of Adani Group’s long-standing marketing and
trading relationship with Kowa,” the company said in an exchange filing made in
September.
In the September quarter, foreign portfolio investors
(FPIs) significantly condensed their stake in Adani Enterprises to 14.5 per
cent, compared to 19.3 per cent in Q1 FY24.
However, the firm’s promoters and promoter group raised
their stake during the same quarter, reaching 72.61 per cent from 67.65 per
cent in the previous quarter, Trendlyne shareholding data showed.
The Adani Group is the third-largest conglomerate in
India. The group’s diverse businesses include port management, electric power
generation and transmission, renewable energy, mining, airport operations,
natural gas, food processing, and infrastructure.
Agencies
