Shares of Adani Enterprises today surged over 11 per cent following reports that the company is in talks with the leading contract manufacturer Foxconn to form a joint venture, which is likely to make iconic Apple iPhones in India.
The stock jumped 11.32 per cent to settle at Rs 94.40 on BSE. During the day, it soared 12.97 per cent to Rs 95.80.
At the NSE, shares of the company ended 11.37 per cent higher at Rs 94.45.
Tracking the sharp rally in the stock, the company's market valuation rose by Rs 1,056.21 crore to Rs 10,382.21 crore.
On the volume front, 24.69 lakh shares of the company changed hands at BSE and over one crore shares were traded at the NSE during the day.
Adani Enterprises is in talks with the world's largest contract manufacturer Foxconn to form a joint venture, which is likely to make iconic Apple iPhones in India.
The company in a BSE filing: "We are at the discussion stage only and have not signed any agreement which requires disclosure under Clause 36 of the Listing Agreement."
The company, however, did not clarify the nature of the JV or the products that it will manufacture.
But sources said that Adani Enterprises will partner with the Taiwan-based Foxconn to set up a facility to manufacture iPhones in India at Adani's SEZ in Mundra, Gujarat and the land component will be provided by the company.
