BackAdani Enterprises stock gains over 3% ahead of Q2 results
Shares of Adani Enterprises gained over 3% ahead of the announcement of the financial results for Q2FY24. The stock reached an intraday high of ₹2,297.95.
PremiumShares of Adani Enterprises, the flagship company of Adani Group, gained over 3% in today's trade ahead of the announcement of the financial results for the quarter ended September 2023.
The stock opened the day at ₹2,247 per share, surpassing its previous closing price of ₹2,217 and later hit an intraday high of ₹2,297.95, marking a 3.45% increase.
At 2:00 PM, the stock was trading with a gain of 3.24% at ₹2,289.95.
Looking at the current year's performance, the shares have lost nearly 41% of their value, dropping from ₹3,870 to ₹2,289.
So far, seven out of the ten Adani Group firms have already disclosed their Q2FY24 results, including ACC, Adani Power, Ambuja Cements, Adani Total Gas, Adani Energy Solutions, Adani Green Energy, and Adani Ports & Special Economic Zone.
In Q1FY24, Adani Enterprises reported a 44% YoY increase in its consolidated net profit, reaching ₹677 crore. However, the company's revenue from operations dropped by 37% YoY, largely impacted by the decline in coal prices.
In other developments, Adani Global Pte Ltd, Singapore, a wholly-owned subsidiary of Adani Enterprises Ltd, had announced a 50:50 joint venture (JV) with Kowa Holdings Asia Pte Ltd, Singapore, for the sales and marketing of green ammonia, green hydrogen, and their derivatives. This JV will focus on product marketing in Japan, Taiwan, and Hawaii.
"The JV with Kowa for green hydrogen marketing is a natural and strategic extension of Adani Group’s long-standing marketing and trading relationship with Kowa," the company said in an exchange filing made in September.
In the September quarter, foreign portfolio investors (FPIs) significantly reduced their stake in Adani Enterprises to 14.5%, compared to 19.3% in Q1 FY24. However, the company's promoters and promoter group increased their stake during the same quarter, reaching 72.61% from 67.65% in the previous quarter, Trendlyne shareholding data showed.
The Adani Group is the third-largest conglomerate in India. The group's diverse businesses include port management, electric power generation and transmission, renewable energy, mining, airport operations, natural gas, food processing, and infrastructure.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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