Adani Enterprises gains on buzz of huge investment in coal mining
Adani Enterprises rose 1.24% to Rs 318.75 at 11:20 IST on BSE on reports that the company plans invest more than $4 billion to develop and mine coal blocks awarded to its various joint ventures with state electricity boards.
Meanwhile, the BSE Sensex was up 165.32 points, or 1.04% to 16,001.79.
On BSE, 25,000 shares were traded in the counter as against average daily volume of 1.03 lakh shares in the past one quarter.
The stock hit a high of Rs 324.50 and a low of Rs 317.30 so far during the day. The stock had hit a 52-week low of Rs 279 on 24 November 2011. The stock had hit a 52-week high of Rs 765.95 on 26 July 2011.
The stock had underperformed the market over the past one month till 15 December 2011, falling 23.47% compared with the Sensex's 6.2% decline. The scrip had also underperformed the market in past one quarter, declining 46.14% as against 6.16% fall in the Sensex.
The large-cap company has an equity capital of Rs 109.98 crore. Face value per share is Re 1.
As per reports, Adani Enterprises will acquire land, provide compensation to locals and wash coal before delivery to the various power projects being built by the Maharashtra, Gujarat and Chhattisgarh state governments. According to norms, an MDO -- a mining development operator -- is paid fee by the state electricity boards, but not before the operator builds part of the asset and accesses bank loans for the remaining portion of the project.
On a consolidated basis, Adani Enterprises' net profit rose 8.6% to Rs 552.68 crore on 75.3% spurt in net sales to Rs 10078.73 crore in Q2 September 2011 over Q2 September 2010.
Adani Enterprises is the flagship company of the Adani Group. The company is the largest private sector coal importer in India.
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