Adani Enterprises jumps 4%; applies for $16 bn loan for coal project

Adani Enterprises jumps 4%; applies for $16 bn loan for coal project

Shares of Adani Enterprises witnessed a jump of 4% in Tuesday’s trading session as the company applied for funds from Northern Australian Infrastructure Facility (NAIF).

The fund will be utilised to build a rail line, which will be part of a $16 billion project in state of Queensland, Australia. Speculation is rife that NAIF is considering the company’s proposal.

Adani Enterprises’ stock on the NSE has delivered 47% returns in one year period, outperforming the BSE Mid-cap and Nifty Service Sector indices over the same time span.

Adani Enterprises is an integrated infrastructure company with businesses spanning coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation and transmission and gas distribution. Its segments include trading, power, port, agro, mining, City Gas Distribution (CGD), renewable energy and others.

Stock view:-

 Adani Enterprises Ltd is currently trading at Rs 98.05, up by Rs 4 or 4.25% from its previous closing of Rs 94.05 on the BSE.
The scrip opened at Rs 97.7 and has touched a high and low of Rs 98.85 and Rs 95.8 respectively. So far 3534097(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 10343.62 crore.
The BSE group ‘A’ stock of face value Rs 1 has touched a 52 week high of Rs 100.7 on 28-Feb-2017 and a 52 week low of Rs 58.35 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 99.25 and Rs 92.85 respectively.
The promoters holding in the company stood at 75 % while Institutions and Non-Institutions held 20.53 % and 4.47 % respectively.
The stock is currently trading above its 50 DMA.Read More…


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