Adani Enterprises enters top-50 most-valued companies list

In the past one week, Adani Enterprises' stock rallied 21 per cent after Adani Airports completed acquisition of 23.5 per cent stake in Mumbai Airport

Adani Enterprises, on Friday, entered the list of the top-50 most valuable companies in India after the company's stock price rallied 9 per cent to Rs 719, also its new high, on the BSE in intra-day trade.

At 02:44 pm, Adani Enterprises, trading at Rs 718, recorded market capitalisation (m-cap) of Rs 78,554 crore, and stood at 49th position in the overall ranking, BSE data show. On Thursday, the company was stood at number 55th position in market cap ranking.

Today, Adani Enterprises surpassed steel major Tata Steel, personal products company Godrej Consumer Products, private lender IndusInd Bank, two-wheeler company Eicher Motors, paints company Berger Paints and real estate developer DLF. In comparison, the S&P BSE Sensex was down 0.09 per cent at 51,486 points.

Adani Enterprises is the flagship company of Adani Group, and has current portfolio of robust businesses. The next-generation of its strategic business investments are centered on the fields of solar PV manufacturing, airport management, technology parks, and water infrastructure.

Adani Airports, a subsidiary of Adani Enterprises, won the mandate to modernize and operate six airports - Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram for a period of 50 years through a globally competitive tendering process conducted by the Airports Authority of India (AAI). Of these, it took over the operations of Ahmedabad, Lucknow & Mangaluru in 2020.

In the past one week, the stock of Adani Enterprises rallied 21 per cent after Adani Airports completed acquisition of 23.5 per cent stake in Mumbai Airport.

"Adani Airport Holdings (AAHL), the flagship holding company of Adani Group for its airports business and a wholly owned subsidiary of Adani Enterprises, has acquired 23.5 per cent equity stake, i.e. 282 million equity shares of Rs 10 of Mumbai International Airport, from ACSA Global and Bid Services Division (Mauritius) for Rs 1,685.25 crore," Adani Enterprises said in a regulatory filing, on February 6.

MIAL is engaged in the business of development, construction and operation of Chhatrapati Shivaji Maharaj International Airport. This acquisition forms part of the transaction pursuant to which AAHL proposes to acquire controlling interest in MIAL, it added.

The company said is also have rights to develop the Navi Mumbai International Airport. Given its combined capacity Adani Airport would touch more than 75 million passengers per annum (MPAs).