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Adani Enterprises advances after incorporating new firm to manage Lucknow airport

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Adani Enterprises rose 1.27% to Rs 139.65 after the company said it has incorporated a company named, "Adani Lucknow International Airport" on 6 September 2019.

Gautam Adani-led Adani Enterprises (AEL) has incorporated a company Adani Lucknow International Airport on 6 September 2019 to operate, maintain, develop, design, construct, upgrade modernise and manage the Chaudhary Charan Singh International Airport in Lucknow.

This is after the company received Letter of Award from Airports Authority of India (AAI) on 15 July 2019 for operations, management and development of Chaudhary Charan Singh International Airport.

Adani Lucknow International Airport is incorporated in India with authorized share capital of Rs 1 lakh and paid up share capital of Rs 1 lakh and is registered with the Registrar of Companies, Gujarat at Ahmedabad on 6 September 2019 and is yet commence its business operations, said AEL in a filing to the exchanges. The announcement was made on Saturday, 7 September 2019.

Shares of Adani Enterprises rose 3.71% in four trading sessions to its current market price of Rs 139.65, from a recent closing low of Rs 134.65 on 3 September 2019.

On BSE, 1.40 lakh shares were traded in Adani Enterprises counter, compared to a 2-week average of 4.28 lakh shares. The stock hit an intraday high of Rs 139.70 and an intraday low of Rs 136.35.

It hit a 52-week high of Rs 180.70 on 23 May 2019 and a 52-week low of Rs 113 on 16 May 2019.

Adani Enterprises is a holding company. The company is an integrated infrastructure company with businesses spanning coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation, and transmission and gas distribution. Its segments include trading, power, port, agro, mining, city gas distribution (CGD), renewable energy and others.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, September 09 2019. 11:01 IST