Adani Enterprises gains after incorporating joint venture company

Adani Enterprises gained 3.41% to Rs 65.20 at 13:30 IST on BSE after the company announced incorporation of a joint venture company to manufacture unmanned aerial vehicles in India.

The announcement was made during market hours today, 8 November 2016.

Meanwhile, the BSE Sensex was down 32.46 points, or 0.12%, to 27,426.53.

On BSE, so far 4.28 lakh shares were traded in the counter, compared with average daily volume of 4.36 lakh shares in the past one quarter. The stock hit a high of Rs 66.75 and a low of Rs 62.45 so far during the day. The stock hit a 52-week high of Rs 92 on 4 January 2016. The stock hit a 52-week low of Rs 58.45 on 29 February 2016. The stock underperformed the market over the past one month till 7 November 2016, falling 7.42% compared with Sensex's 2.15% decline. The scrip also underperformed the market in past one quarter, dropping 18.38% as against Sensex's 2.21% fall.

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

Adani Enterprises announced that the company and Elbit Systems, Israel incorporated a joint venture company named, Adani-Elbit Advanced Systems India (AEASIL) on 07 November 2016 with equity participation in the ratio of 51:49 in the joint venture. The newly incorporated entity belongs to the aerospace and defence manufacturing industry and is yet to commence its business operations. The joint venture is incorporated for the manufacturing of unmanned aerial vehicles in India.

Adani Enterprises' consolidated net profit fell 78.9% to Rs 63.09 crore on 15.9% decline in net sales to Rs 7591.28 crore in Q2 September 2016 over Q2 September 2015.

Adani Enterprises is the flagship entity of the Adani group. Adani Enterprises started as a trading firm dealing in myriad commodities. Over a period of time, coal became its main stay and after it emerged as India's leading coal importer, it made forays into multiple sectors as forward and backward integration.

Powered by Capital Market - Live News