Adani Enterprises shares rise 3%; Stock up 12% in a month; Here' what driving the rally

Shares of Adani Enterprises led the gainers on the Nifty50 during the early trading session on Tuesday as the stock rose more than 3 per cent following the buying interest by the promoter entity. The stock has been on the radar of investors on the back of various factors in the last one month.

Billionaire Gautam Adani-led promoter group has increased its stake in the flagship company of Adani Group. The ports-to-energy conglomerate continues to recoup the severe losses from the effects of a report by US short-seller Hindenburg Research.

Promoter entity Kempas Trade & Investment has acquired 2.53 crore equity shares, or 2.22 per cent stake in Adani Enterprises company via open market transactions during August 7-18. With this, the shareholding of the promoter entities in the company has increased to 69.87 per cent from 67.65 per cent as of June 30, 2023.

The stake increase by the promoter entity comes at a time when US-based boutique investment firm GQG Partners has been buying shares in Adani group firms. The Rajiv Jain-led GQG Partners has picked up stakes worth Rs 38,700 crore four Adani Companies inclduing in Adani Enterprises, Adani Green Energy, Adani Ports and Adani Power, shrugging off the damning report.

Shares of Adani Enterprises surged more than 3 per cent to Rs 2720.65 on Tuesday as the company company commanded a total market capitalization of more than Rs 3.1 lakh crore. However, the stock had setted at Rs 2638.60 in the previous trading session on Monday.

The stock has gained more than 12 per cent in the last one month, while it is up as much as 95 per cent in the last six months. Interestingly, the stock has surged about 170 per cent from its 52-week low at Rs 1.017.10 on February 3, 2023 after Hindenburg's report.

Earlier this week, Adani Enterprises informed that Mundra Solar Energy (MSEL), a step down subsidiary of the company has received the commercial operational date certificate from Solar Energy Corporation of India (SECI) for Solar PV Cells and Solar PV Modules manufacturing plant located at Mundra in the State of Gujarat.

Adani Enterprises holds 74 per cent shares of MSEL through its wholly-owned subsidiary named Adani Tradecom. The plant has a capacity of 2.0 GW per annum, the exchange filing with the bourses added.

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Adani Enterprises inked a joint venture on Monday with Travel Food Services (TFS) through its JV named Tabemono True Aromas for the purpose of strategic partnership to develop, operate and maintain various hospitality services and formats at multiple locations. The company also incorporated a wholly owned subsidiary namely 'Sirius Digitech International.

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