Adani Enterprises surges by 3 per cent post stake sale in subsidiary

The share price Adani Enterprises surged by over 3 per cent on the bourses in Monday’s trade as the company announced that it has sold stake in its subsidiary company Adani Chendipada Mining. 
  
The company sold 51 per cent stakes in its wholly-owned subsidiary for a consideration amount of Rs. 51,000. The company had entered into the stake sale agreement on May 25. 
  
The company has posted a 17 per cent decline in its consolidated profit to Rs. 181.17 crore in the fourth quarter of the fiscal year 2018 as against Rs. 218.80 crore in the same quarter of the previous fiscal year.    
  
The stock hit an intraday high of Rs. 128.50 per share and an intraday low of Rs. 123.95 per share on BSE on Monday. The stock had touched its 52-week high of Rs. 211.07 per share on February 14, 2018 and its 52-week low of Rs. 99.23 per share on August 22, 2017 on BSE, respectively. 
  
At 1237 hours IST, the company was trading at Rs. 128.25 per share, up by 3.18 per cent on BSE on Monday. Meanwhile, S&P BSE Sensex was trading at 35,174.76 level, up by 0.72 per cent and NSE Nifty 50 was trading at 10,694.90 level, up by 0.85 per cent.