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Adani Enterprises shares close 6.76% percent higher on NHAI project win

Adani Enterprises has outperformed the sector today with more volume of trade close to the high price.

twitter-logo BusinessToday.In        Last Updated: March 12, 2019  | 17:40 IST
Adani Enterprises shares close 6.76% percent higher on NHAI project win
Adani Enterprises closed 6.76% or 9.40 points higher to Rs 150.60 on BSE.

Adani Enterprises share closed higher today after the company announced that Adani Transport Limited (ATL)-wholly owned subsidiary of the company, received a Letter of Awards (LoAs) from National Highways Authority of India (NHAI)

The stock opened with a gain of 1 percent on BSE and NSE and rose 8.23% higher intra day to Rs. 150.60. Today's intra day high is 16.33 percent lower to the company's 52-week high of Rs180 and also highest recorded since 23 January 2019.

Adani Enterprises closed 6.76% or 9.40 points higher to Rs 150.60 on BSE.

Adani Enterprises has outperformed the sector today with more volume of trade close to the high price. Although the share has lost 11 percent (Rs.162) of price movement in one year, it has risen almost 21 percent in one month ( Rs. 118) and 1.3 percent (Rs. 142) in one month.

Adani Enterprises has been trading higher than its 5, 20 and 50-day moving average but lower than 100 and 200-day moving average. The stock has had a consecutive rise for the last 3 days and has risen 8.43% in the period.

The company announced around 11:30 a.m. IST today about the award of the two Hybrid annuity road projects for the state of Telangana of lengths 42 and 58 km. The estimated costs for the projects under NHDP PhaseIV and under Bharatmala Pariyojana (both on Hybrid Annuity Mode) are quoted at Rs 1041.40 crore and Rs. 1217.32 crore, respectively.

Based on both volume and price, the stock averaged at Rs. 143.21 on BSE and Rs. 143.48 on NSE.

(Edited by Rupa Burman Roy)

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