Adani Enterprises share rose nearly 4% in trade today after the firm announced its entry into the copper business by incorporating a wholly owned subsidiary, Kutch Copper (KCL). The stock has gained after 2 days of consecutive fall. The large cap stock touched an intraday high of Rs 1018.85, rising 3.8% against previous close of Rs 981.55 on BSE.
Adani Enterprises share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 602% in one year and risen 106% since the beginning of this year.
Market cap of the firm rose to Rs 1.08 lakh crore on BSE.
KCL has been incorporated with the object to undertake copper business-related activities such as manufacture of copper cathodes and copper rods, etc. Cuurently, the holding company of Adani Enterprises is an integrated infrastructure company with businesses spanning coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation, and transmission and gas distribution.
It provides services, such as mining, beneficiation (on-site) and transportation to various consumption centers. It is engaged in agro-commodity sector through subsidiaries, which include Adani Wilmar Limited, Adani Agri Logistics Limited and Adani Agri Fresh Limited (AAFL).
In Q3 of the current fiscal, Adani Enterprises reported a 10.39 per cent fall in its consolidated profit to Rs 343.17 crore against consolidated profit of Rs 382.98 crore in the corresponding quarter a year ago. Consolidated total income in Q3 rose to Rs 11,787.82 crore from Rs 11,075.32 crore in the year-ago period. Total expenses rose to Rs 11,303.97 crore in Q3 compared to Rs 10,635.16 crore in the same period previous fiscal.