Millennium Post

Adani Enterprises scrip zooms to 52-wk high, ends 23% up

Shares of Adani Enterprises on Thursday rose as much as 23 per cent on heavy buying interest by investors.Two other Adani group companies also ended the day with smart gains.Adani Enterprises stock surged 23.15 per cent to settle at Rs 470.25 on the BSE. During the day, the scrip zoomed 25.23 per cent to Rs 478.20 — its 52-week high level. Shares of Adani Ports and Special Economic Zone rallied 5.68 per cent to close at Rs 193.65 after earlier hitting a one-year high level in intra-day at Rs 204.20.

Adani Power rose by 1.35 per cent to Rs 56.50.On the volume front, 48.41 lakh shares of Adani Enterprises were traded at the BSE, while Adani Ports' 23.62 lakh shares changed hands.

More than 52.70 lakh shares of Adani Power were traded during the day. In a clarification to the BSE, Adani Enterprises said: ‘The company keeps the exchange informed about events, information, etc, including price sensitive information in accordance with regulatory requirements. In the present case, we do not have any important information/announcement to be shared.’
‘In the event that there is any development that requires disclosure, we will make the same in accordance with regulatory requirements,’ it added.

Stocks of Ahmedabad-headquartered Adani Group, especially Adani Enterprises, have been on a roll since BJP announced Gujarat Chief Minister Narendra Modi as its Prime Ministerial candidate for the 2014 Lok Sabha elections on 13 September last year.Adani Enterprises' stock rose over three-fold from Rs 141.20 level on September 13 last year to Rs 470.25 as on Thursday. The Group has many businesses in Gujarat, including a port and thermal power project in Mundra.The recent upswing in the broader market is fuelled by hopes that NDA, which is widely perceived as more business-friendly, will come into power, according to market experts.
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