Adani Enterprises rallies on Adani Power IPO

The stock finally settled at Rs 801, up 8% from the previous close.

Around 413,703 shares were traded at the counter on the BSE today as against the two-week daily average traded volumes of 224,538 shares.

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Adani Enterprises has rallied after subsidiary company, Adani Power decided to launch its IPO by the end of this month.

The stock today opened with a positive gap of 4.5% at Rs 778. It slipped to a low of Rs 770 but thereafter, soared 10% to hit the upper circuit at Rs 819. The stock is currently at Rs 814, up 9.5%. Over 238,900 shares have already been traded on the BSE so far.

The company closed at its 10% upper circuit yesterday as investors cheered the IPO launch plan.

Adani Power has sought to raise Rs 2,200 crore and got the capital market regulator's clearance yesterday. The company would be selling 330 million equity shares starting July 28, 2009. Adani Enterprises holds 83% of Adani Power.