Adani Enterprises gains 3% as promoter firm buys 2% stake via open market

Shares of Adani Enterprises hit a three-month high at Rs 2,720.65, as they gained 3 per cent on the BSE in Tuesday’s intra-day trade after founder firm Kempas Trade and Investment bought 25.3 million shares or 2.22 per cent stake in the company from the open market between Aug 7 to Aug 18.

The stock of Gautam Adani Group’s flagship company was trading at its highest level since May 24, 2023. In was quoting higher for the fourth straight trading day, and has rallied 11 per cent during the period. In comparison, the S&P BSE Sensex was up 0.14 per cent at 65,308 at 09:30 AM.

In an exchange filing disclosure, Adani Enterprises said that Kempas Trade and Investment acquired 25.3 million equity shares representing 2.22 per cent stake in the company from the open market between Aug 7 and Aug 18. Post acquisition, total promoters holding in the company increased to 69.87 per cent from 67.65 per cent.

Meanwhile, Adani Enterprises has also incorporated a wholly-owned subsidiary Sirius Digitech International to provide digital solutions and services.

Adani Airport Holdings (AAHL), the flagship holding company of Adani Group for its airports business and a wholly owned subsidiary of Adani Enterprises has too incorporated a Joint Venture Company namely “Tabemono True Aromas Private Limited” on Monday, August 21, 2023 with Travel Food Services Private Limited for the purpose of strategic partnership to develop, operate and maintain various hospitality services and formats at multiple locations.

Technical View

Bias: Marginally Positive

Target: Rs 2,900

Support: Rs 2,639

Resistance: Rs 2,725

Following the recent gains, the stock has now crossed its long-term 200-day Daily Moving Average for the first time since the January meltdown. The 200-DMA stands at Rs 2,639.

The stok needs to trade consistently above the 200-DMA in the coming sessions, for the underlying trend to strengthen. On the upside, the stock has near resistance at Rs 2,725 - i.e. the 50-WMA (Weekly Moving Average), above which the stock can rally to Rs 2,900.

On the flip side, failure to sustain above the 200-DMA, could see the stock dip back towards the Rs 2,500-mark.

(With inputs from Rex Cano)