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Adani Enterprises share hits 52-week high as subsidiary buys stake in Mumbai Airport

The stock of the multinational company based in Ahmedabad, opened higher at Rs 606, against its previous close of Rs 595.55. The stock gained 7.14% to hit a new 52- week high at Rs 638.05

twitter-logoBusinessToday.In | February 8, 2021 | Updated 17:48 IST
Adani Enterprises share hits 52-week high as subsidiary buys stake in Mumbai Airport
The share has risen 16% in one week and 21% in a month. Year-to-date, the stock is up 30%

Adani Enterprises share price soared over 7% on Monday to hit a new 52-week high of Rs 638.05 after the company's arm Adani Airports bought 23.5% stake in Mumbai international airport for Rs 1,700 crore.

The stock of the multinational company based in Ahmedabad, opened higher at Rs 606, against its previous close of Rs 595.55. The stock gained 7.14% to hit a new 52- week high at Rs 638.05.

Adani Enterprises stock is trading higher than 5, 20, 50, 100 and 200-day moving averages. The share has risen 16% in one week and 21% in a month. Year-to-date, the stock is up 30%.

Market capitalisation of Adani Enterprises rose to Rs 68,914.10 crore. The stock had hit a 52-week low of Rs 116.25. Adani Enterprises shares, with Rs 1 face value has risen 161% in one year.  

The company said in a regulatory filing that it has acquired 23.5% stake in Mumbai International Airport (MIAL) from ACSA Global (ACSA) and Bid Services Division (Mauritius), or Bidvest, for Rs 1,685.25 crore.

Under the proposed deal, AAHL bought 28,20,00,000 equity shares in MIAL.

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