Adani Enterprises share extends rally, jumps 28% in 5 days
BusinessToday.In October 18, 2019
Shares of Adani Enterprises continued gaining streak for the fifth straight session on Friday, surging over 8 per cent in intraday trade on the Bombay Stock Exchange after the company set up a subsidiary company named Adani Metro Transport (AMTL) to focus on metro rail projects. The stock was trading near its 52-week high of Rs 181, touched on May 23, 2019.
In the last five sessions, the share price of Gautam Adani-led company rallied as much as 28.41 per cent, as compared to a three per cent growth in the S&P BSE Sensex.
Boosted by the development, Adani Enterprises share price gained as much as 8.08 per cent to touch intraday high of Rs 175.65 apiece on the BSE, after opening higher at Rs 172.50 against previous close level of Rs 162.60.
On the National Stock Exchange (NSE), stocks of Adani Enterprises were trading 7.04 per cent higher at Rs 174. The scrip touched an intraday high of Rs 175 after opening higher at Rs 174.90.
"The company has incorporated a wholly own subsidiary for the business of building, construction of transportation facilities like the metro and mono rail segment, rapid rail transit system, and engineering, procurement and construction, thereof," Adani Enterprises said in a filing to the exchange.
Adani Metro Transport, which is yet to start operations, has authorised share capital of Rs 5 lakh and paid-up share capital of Rs 1 lakh.
Earlier this month, Adani Enterprises set up a subsidiary company Stratatech Mineral Resources for carrying out mining activities.
In August, Adani Enterprises had incorporated Adani Airports for acquiring, promoting, operating, and managing airports in India and abroad.
In a separate development, the Bombay High Court on Thursday ruled in favour of the Adani group in an alleged case of overvaluation of Indonesian coal imports between 2011 and 2015. Following the court order, the cases against Adani Enterprises is likely to come to a halt.
Edited by Chitranjan Kumar