Adani Enterprises gains after inking solar plant JV in Rajasthan

Adani Enterprises rose 2.75% to Rs 626.50 at 10:00 IST on BSE after the company said it signed a pact with the Rajasthan government to develop the country's largest solar park in the state.

The announcement was made after market hours yesterday, 9 February 2015.

Meanwhile, the BSE Sensex was up 112.30 points, or 0.40%, to 28,339.69.

On BSE, so far 1.32 lakh shares were traded in the counter, compared with an average volume of 2.72 lakh shares in the past one quarter.

The stock hit a high of Rs 631 and a low of Rs 600 so far during the day. The stock hit a 52-week high of Rs 664.65 on 4 February 2015. 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 February 2015, rising 20.48% compared with 2.80% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 28.30% as against Sensex's 1.29% rise.

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

Adani Enterprises (AEL) said that it signed a memorandum of understanding (MoU) to jointly set up India's largest solar park of 10,000 megawatts (MW) in Rajasthan. AEL and Rajasthan Renewable Energy Corporation will form a joint venture to set up the solar park, which will include generation projects and a manufacturing unit for solar module, parts and equipment, AEL said in a statement.

The solar park will produce clean and green energy of approximately 16644 million units, the company said.

Last month, AEL signed an MoU with US-based SunEdison Inc to jointly invest $4 billion in setting up India's largest integrated solar photovoltaic making plant in Mundra, Gujarat.

On a consolidated basis, net profit of Adani Enterprises rose 550.81% to Rs 443.85 crore on 30.51% rise in net sales to Rs 17806.86 crore in Q3 December 2014 over Q3 December 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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