Adani Enterprises drops on profit booking

Adani Enterprises lost 3.6% to Rs 453.30 at 09:37 IST on BSE, with the stock reversing recent rally on profit booking.

Meanwhile, the S&P BSE Sensex was down 100.91 points or 0.44% at 22,614.42

On BSE, so far 4.85 lakh shares were traded in the counter as against average daily volume of 4.06 lakh shares in the past one quarter.

The stock hit a high of Rs 469.85 and a low of Rs 449 so far during the day. The stock had hit a 52-week high of Rs 478.20 on Thursday, 10 April 2014. The stock had hit a 52-week low of Rs 126.05 on 4 September 2013.

The stock had outperformed the market over the past one month till 10 April 2014, gaining 48.53% compared with the Sensex's 3.56% rise. The scrip also outperformed the market in past one quarter, jumping 95.57% as against Sensex's 9.43% gain.

The large-cap company has equity capital of Rs 109.98 crore. Face value per share is Re 1.

Shares of Adani Enterprises were on a roll recently, surging 33.48% in four trading sessions to Rs 470.25 on 10 April 2014 from a recent low of Rs 352.30 on 3 April 2014. The stock jumped a staggering 23.15% to Rs 470.25 in a single trading session on Thursday, 10 April 2014. The Adani group is known for its proximity to Gujarat Chief Minister and Bharatiya Janata Party's (BJP) prime ministerial candidate Narendra Modi. Investors are betting that the BJP-led National Democratic Alliance (NDA) will be able to form the next government at the centre with support from some regional parties after Lok Sabha elections which conclude in mid-May this year.

Meanwhile, with reference to increase in price & volume movement, Adani Enterprises after market hours on Thursday, 10 April 2014, clarified that the company keeps the exchange informed about events, information etc, including price sensitive information in accordance with regulatory requirements. In the present case, the company does not have any important information/announcement to be shared. In the event that there is any development that requires disclosure, the company will make the same in accordance with regulatory requirements, the company said.

Adani Enterprises' consolidated net profit declined 83.6% to Rs 68.20 crore on 0.9% growth in total income to Rs 13962.02 crore in Q3 December 2013 over Q3 December 2012.

Adani Enterprises is the flagship company of the Adani Group. The company is the largest private sector coal importer in India.

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