Adani Enterprises gains after business tie ups

Adani Enterprises rose 2.55% to Rs 519 at 13:22 IST on BSE after the company said it tied up with Australia's Woodside Energy for oil & gas exploration and production opportunities.

The announcement was made on Saturday, 10 January 2015.

Meanwhile, the BSE Sensex was down 63.33 points, or 0.23%, to 27,395.05.

On BSE, so far 2.01 lakh shares were traded in the counter, compared with an average volume of 1.84 lakh shares in the past one quarter.

The stock hit a high of Rs 522.80 and a low of Rs 510.50 so far during the day. The stock hit a 52-week high of Rs 585 on 16 May 2014. The stock hit a 52-week low of Rs 210.40 on 14 February 2014.

The stock had outperformed the market over the past one month till 9 January 2015, rising 14.11% compared with 1.22% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 8.56% as against Sensex's 3.08% rise.

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

Adani Enterprises has signed a memorandum of understanding (MoU) with Australian energy major Woodside Energy for cooperation for exploring business opportunities across a broad spectrum in oil and gas sector in India, as part of the Vibrant Gujarat initiative, Adani Enterprises said in a statement. Woodside Energy is Australia's largest independent oil and gas company.

Meanwhile, Adani Enterprises and solar technology manufacturer SunEdison Inc have signed a memorandum of understanding (MoU) to establish a joint venture to build the largest, vertically integrated solar photovoltaic manufacturing facility in India with an investment of around $4 billion. The new $4 billion facility will be constructed in Mundra, Gujarat, India, over a three to four year period. This facility will vertically integrate all aspects of solar panel production on site, including Polysilicon refining, ingots, wafers, cells and panels production with a broader ecosystem involving extended supply chain for raw materials and consumables. The announcement was made on Sunday, 11 January 2015.

Adani Enterprises reported a consolidated net profit of Rs 210.29 crore in Q2 September 2014 compared with net loss of Rs 416.95 crore in Q2 September 2013. Total income rose 1.83% to Rs 14265.72 crore in Q2 September 2014 over Q2 September 2013.

The consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) increased by 53% to Rs 3041 crore in Q2 September 2014 over Q2 September 2013.

The Adani Group has grown to become a global integrated infrastructure player with businesses in key industry verticals - resources, logistics and energy. The integrated model is well adapted to the infrastructure challenges of the emerging economies.

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