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Adani Enterprises hits record high; zooms over 60% in 2015

Thus far in 2015, the stock surged 63% to Rs 790 from Rs 486 compared to 2% rise in the CNX Nifty.

SI Reporter  |  Mumbai 

Shares of Adani Enterprises, the flagship company of the Adani Group, touched an all-time high of Rs 790 on the NSE, after its arm Adani Mining signed up buyers for around 70% of the coal it plans to produce from a huge mine in Australia. CLICK HERE TO READ FULL REPORT.

Meanwhile, thus far in 2015, the stock has out-performed the market by surging 62% from Rs 486 on December 31, 2014 compared to 1.6% rise in the CNX Nifty.

Adani Enterprises, on January 30, announced a complex restructuring of its various businesses in an attempt to simplify its corporate structure.

Under the rejig plan, the Adani group would consolidate its ports, power and mining assets into three separately listed firms and list a new company for the transmission business.

Experts feel the move is positive for Adani Enterprises as it will lead to lower leverage and interest costs and each business will get fair valuations on bourses. CLICK HERE TO READ FULL REPORT.

At 1104 hours, the stock was up 1% at Rs 788 on the NSE. A combined 621,310 shares changed hands on the counter on the NSE and BSE so far.

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First Published: Fri, May 22 2015. 11:05 IST