Adani Enterprises shares in focus today, here's why

Shares of Adani Enterprises Ltd are in news today after Adani Defence Systems and Technologies (ADSTL) inked an agreement to buy 85.8 per cent stake in Air Works, India’s largest private sector aircraft maintenance, repair and overhaul (MRO) company, at a valuation of Rs 400 crore.
 
Adani Enterprises stock ended 0.13% lower at Rs 2341.95 on Monday. Market cap of the firm stood at Rs 2.70 lakh crore on BSE. Total 0.30 lakh shares changed hands amounting to a turnover of Rs 7.13 crore on BSE.      

Adani Enterprises stock has a one-year beta of 2.1, indicating very high volatility during the period.  

In terms of technicals, the relative strength index (RSI) of Adani Enterprises stands at 34.4, signaling it's trading neither in the oversold nor in the overbought zone. The stock is trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.       

The stock has fallen 16.58 per cent this year and fallen 35.68% in two years.     

“Air Works undertakes base maintenance for narrow-body and turboprop aircraft, as well as rotary aircraft from its facilities at Hosur, Mumbai and Kochi,” a statement by ADSTL said.

Air Works has received regulatory approvals from civil aviation authorities of more than 20 countries. With a workforce of more than 1,300 personnel, Air Works handles MRO works of commercial as well as defence aircraft. Indian carriers have ordered about 1,500 commercial aircraft in the last two years. This would need a massive expansion of existing MRO services in the country.