Adani Enterprises incorporates subsidiary to manage road project

Adani Enterprises on Friday (8 May) said it has incorporated a wholly-owned subsidiary company, "Nanasa Pidgaon Road" on 8 May 2020.

The subsidiary will carry out the development, maintenance and management of a road project of 4-laning Nanasa to Pidgaon section of National Highway-47 under Bharatmala Pariyojana Phase-I in Madhya Pradesh on hybrid annuity mode.

Adani Enterprises (AEL)'s consolidated net profit tanked 78.40% to Rs 61.21 crore on 1.45% increase in net sales to Rs 13,428.83 crore in Q4 March 2020 over Q4 March 2019. The result was announced on Wednesday, 6 May 2020.

AEL has a diversified business portfolio comprising integrated coal management and mining services, solar modules manufacturing as well as edible oil business.

 

Shares of AEL rose 1.70% to close at Rs 137.20 on BSE. On Friday, 8 May 2020, the stock traded in the range of Rs 136 to Rs 139.25.

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