Adani Enterprises shares extend gains amid heavy trading volumes, stock up 10% in 3 days

Shares of Adani Enterprises extended its gains by about 5 per cent during the early trading session on Wednesday amid heavy trading volumes. Earlier this week, the flagship company of Adani Group,  gave its clarification on the US SEC matter and finalised the record date for dividend.

According to the data from BSE, more than 1.21 lakh equity shares of Adani Enterprises worth Rs 28.44 crore were traded as of 9.55 am. Similarly, about 2.06 crore shares of the company amounting to Rs 4,747.74 crore exchanged hands on the National Stock Exchange (NSE) as of the same time.

Amid the heavy trading volumes, shares of Adani Enterprises surged about 5 per cent to Rs 2390.35 on Wednesday, before giving its gains partially. The company was commanding a market capitalisation of around Rs 2.70 lakh crore. The scrip had settled at Rs 2,281.75 on Tuesday.

Shares of Adani Enterprises have surged about 10 per cent in the last three sessions. The stock has turned multibagger as it has gained about 135 per cent from its 52-week low at Rs 1,017.10 on February 3, 2023. The stock has gained about 50 per cent in the last three-month period.

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The company has fixed July 7, 2023 (Friday) as the record date for the purpose of determining entitlement of the members of the company, the company said in an exchange filing on Monday. The company had announced a dividend of Rs 1.2 apiece, 120 per cent over the face value of Re 1 each, for the financial year 2022-23.

Commenting on the US SEC probe report, Adani Enterprises said that it is not aware of any subpoena to the US investors. "All of our disclosures are a matter of public record.  It is routine that various regulators will seek access to public material in an easy & referenceable manner," the company said in a separate exchange filing.

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