Adani Enterprises gains on bargain hunting

Adani Enterprises rose 2.28% to Rs 253.90 at 11:28 IST on BSE on bargain hunting after the stock fell 10.88% in the preceding four trading sessions to Rs 248.25 on 13 December 2013, from a recent high of Rs 278.55 on 9 December 2013.

Meanwhile, the BSE Sensex was up 27.84 points, or 0.13%, to 20,743.42.

On BSE, so far 1.66 lakh shares were traded in the counter, compared with an average volume of 4.86 lakh shares in the past one quarter.

The stock hit a high of Rs 254.70 and a low of Rs 245 so far during the day. The stock hit a 52-week high of Rs 296.90 on 19 December 2012. The stock 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 13 December 2013, rising 8.26% compared with the Sensex's 2.58% rise. The scrip had also outperformed the market in past one quarter, rising 75.81% as against Sensex's 4.98% rise.

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

On a consolidated basis, Adani Enterprises reported a net loss of Rs 416.95 crore in Q2 September 2013 compared with net profit of Rs 320.21 crore in Q2 September 2012. Total income rose 33.71% to Rs 14009.63 crore in Q2 September 2013 over Q2 September 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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