Adani Enterprises Gains Over 3% Ahead of Q2FY24 Results Announcement

Adani Enterprises Gains Over 3% Ahead of Q2FY24 Results Announcement

VoM News Desk | November 2, 2023 | 02:24 PM IST | Breaking News | Follow on Google News

Adani Enterprises Gains Over 3% Ahead of Q2FY24 Results Announcement

Adani Enterprises Gains Over 3% Ahead of Q2FY24 Results Announcement

Adani Enterprises, the flagship company of the Adani Group, witnessed a notable uptick in its share price, surging over 3% in today’s trading session, anticipating the announcement of its 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 reached an intraday high of ₹2,297.95, marking a 3.45% increase. As of 2:00 PM, the stock was trading with a gain of 3.24% at ₹2,289.95.

Year-to-Date Performance

In contrast to its current year-to-date performance, where the shares have lost nearly 41% of their value, dropping from ₹3,870 to ₹2,289, today’s gain suggests renewed investor optimism and interest.

Adani Group’s Q2FY24 Results Disclosure

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. Adani Enterprises is expected to join this list, and investors are keen to see how the flagship company performed during the quarter.

Q1FY24 Report and Recent Developments

In the Q1FY24 report, 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 influenced by the decline in coal prices.

Additionally, Adani Enterprises made an announcement about 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 primarily focus on product marketing in Japan, Taiwan, and Hawaii. The company described this partnership as a “natural and strategic extension” of Adani Group’s long-standing marketing and trading relationship with Kowa.

Changes in Stakeholding

During the September quarter, foreign portfolio investors (FPIs) significantly reduced their stake in Adani Enterprises, from 19.3% in Q1FY24 to 14.5%. In contrast, the company’s promoters and promoter group increased their stake during the same quarter, reaching 72.61% from 67.65% in the previous quarter, as indicated by Trendlyne shareholding data.

About the Adani Group

The Adani Group, the third-largest conglomerate in India, boasts a diverse portfolio of businesses, including port management, electric power generation and transmission, renewable energy, mining, airport operations, natural gas, food processing, and infrastructure. The group’s wide-ranging interests contribute to its prominence in the Indian business landscape.

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VoM News Desk

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