spot_img
spot_img
28 C
Hubli
Wednesday, December 7, 2022
HomeNews in briefGautam Adani's Flagship Firm's Shares Near Record High Ahead Of Earnings

Gautam Adani’s Flagship Firm’s Shares Near Record High Ahead Of Earnings

<!–

–>

Adani flagship firm’s shares approach record high before earnings

Billionaire Gautam Adani’s flagship firm is set for another bout of scrutiny when it reports earnings for the latest quarter on Thursday. Its stock meanwhile has overcome recent weakness to approach record levels.

Shares of Adani Enterprises Ltd., which have been investor darlings for years now, are about 6% away from an all-time high reached in September. The stock was up almost 1% in early trading on Wednesday after a 6.8% rally in the previous session. It has more than doubled this year.

“Shares of Adani Enterprises are running up as investors are accumulating in expectation of stellar results and a robust outlook for the company,” said Kranthi Bathini, a director at Mumbai-based WealthMills Securities. “Even debt investors in the group’s other firms are getting enthused as they look out for commentary on growth, investment and borrowings.”

01me7748

The company is known to incubate new businesses for the ports-to-power Adani group that has been rapidly diversifying into newer areas such as green energy, airports, cement, data centers and media. Led by Asia’s richest man, the flagship was added to the benchmark NSE Nifty 50 Index at the end of September. It surged about 3,500% in the previous five years.

Some market watchers have balked at the debt-fueled expansion of the conglomerate and the lack of broader coverage by equity research analysts. Still, several of the group’s stocks are among the top performers in the broader Indian market this year.

Adani Ports, the group’s other firm that is also part of the Nifty 50 index, posted a net income that topped analysts’ estimates on Tuesday, helped by improved cargo volumes. Its shares were steady on Wednesday after rising 2.2% in the previous session.

Adani Enterprises had reported a net income of 4.69 billion rupees ($56.7 million) in the June quarter, a 73% jump from the previous year.

The Adani group plans to invest over $150 billion across businesses, including green energy, airports and healthcare, the Press Trust of India reported late last month, citing Chief Financial Officer Jugeshinder Singh.

–With assistance from Alex Gabriel Simon and Bhuma Shrivastava.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Featured Video Of The Day

Contractors Who Repaired Gujarat Bridge Were “Not Qualified”, Court Told

.
.
.
.

.
.

Source link

Accident: Sindagi CPI Ravi Ukkund, his wife died on the spot

Kalaburgi: Sindagi Circle Inspector Ravi Ukkund, 43, and his wife Madhu, 40, were killed on the spot after the car in which they were...

Akhil’s body found, postmortem is going on

Hubballi: Finally, the police have found the dead boy of Akhil Mahajanshet in a sugarcane field in Devikoppa, near Kalaghatagi, said local sources. And...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This is the title of the web page
This is the title of the web page