Adani Group stock jumps up to 5% after FII increased their stake in … – Trade Brains

by | Oct 4, 2023 | 2:36 pm | News, Trending News | 0 comments
Shares of one of India’s largest conglomerate companies gained around 5 percent to Rs 2,502.75 a share after Foreign Institutional Investor (FII) raised its stake in the group to above 5 percent. 
At 12:55 a.m., Adani Enterprises Ltd shares were trading at Rs 2,458.95 on the National Stock Exchange, up Rs 67.25 or 2.78 percent from the previous close price. The company has a market capitalization of Rs 2,79,665 crore. 
According to the Adani Enterprise exchange filing, Abu Dhabi-based International Holding Company (IHC) raised its investment in the company. 
As per reports, Abu Dhabi-based International Holding Co (IHC) has increased its stake to above five percent in Adani Enterprise. This development comes days after the Middle-East-based investor decided to offload stakes in two other group companies as part of its portfolio rejig. 
“We see IHC’s increased stake as a ringing endorsement of our robust capex plans, governance, and transparency. This inter-generational relationship with IHC reflects well on India’s dynamic growth potential and offers substantial returns to our stakeholders. – Spokesperson, Adani Group”. 
Furthermore, IHC reported last week that, as part of a “portfolio rebalancing strategy,” the business will sell its 1.26 percent stake in Adani Green Energy Ltd and 1.41 percent stake in Adani Energy Solutions. 
Adani Enterprises’ revenue fell 38 percent year on year, from Rs 40,844 crore in Q1FY23 to Rs 25,438 crore in Q1FY24. During the same year, the company’s net profit increased by 75 percent from Rs 410 crore to Rs 718 crore. 
The Company’s return on equity increased from 3.59 percent in FY22 to 7.75 percent in FY23, while the return on capital employed rose from 6.00 percent to 7.84 percent during the same period. 
In the recent shareholding pattern, the company promoter holds 67.65 percent of the company, while foreign institutional investors hold 19.34 percent and domestic institutional investors hold 5.46 percent.
Adani Enterprises Ltd. is a significant trading company engaged in power trading, coal trading, and agro-commodity trading. 
Written by Omkar Chitnis
The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
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