Adani Group stocks spurt up on forecast of higher coal mining volumes

The Adani triplets namely, Adani Enterprises, Adani Ports and Adani Green Energy were gaining in early trade on Wednesday on the back of a significant increase in coal mining volumes as revealed by a top company official on Tuesday. 

At 10:07 hours, Adani Enterprises was quoting Rs. 191.00 per share, up by 2.61 per cent. It was among the top trading stocks on both the benchmark indices. Adani Green Energy was at Rs. 51.20 per share, up by 10 per cent, stuck at its upper circuit limit, while Adani Ports & SEZ was trading at Rs. 398.25 per share, up by 1.72 per cent on Wednesday. 

Coal mining volumes of Adani Enterprise are expected to jump up by six-folds by FY21E, reported a leading international news agency quoting Sudhir Kumar Agrawal, a top official with Adani Ports & SEZ. Volumes are expected to reach 80 MT by the end of FY21, which were at 12.17 MT at the end of FY17. 

For Q4FY18, the company reported a consolidated PAT of Rs. 188 crores as against Rs. 221 crores in Q4 FY17, which is a decline of 17 per cent. For the full year 2018, the company’s consolidated PAT was Rs. 757 crores as against Rs. 988 crores in FY17. 

Adani Enterprises Limited is the country largest coal trader with mines in India, Indonesia and Australia.