Promoter Group bought 7,20,000 shares worth Rs 226,07,00,606 via market purchase of this multibagger metals & mining stock; do you own it?
The stock gave 53.5 per cent from its 52-week low of Rs 2,142.30 per share and a whopping 2,000 per cent in 5 years.
Adani Enterprises Ltd, the flagship company of the Adani Group, is a diversified conglomerate with interests in mining, resource management, infrastructure development and more. Founded in 1993, it acts as an incubator for new ventures within the Adani Group, with several successful companies like Adani Power and Adani Ports starting under its wing. AEL itself is a major player in India's Integrated Resources Management (IRM) business, importing and selling coal, while also operating its mining projects in India, Indonesia and Australia. Beyond mining, Adani Enterprises is involved in solar power generation through its subsidiary Adani Solar, the largest integrated solar manufacturer in India. They are also developing data centres and working on road infrastructure projects. Notably, the Adani Group recently entered the airport sector by winning the rights to operate and modernize six airports across India.
As per the BSE Exchange filing, the Promoter Group - Emerging Market Investment DMCC bought 7,20,000 shares (Rs 3,140 per share) worth Rs 226,07,00,606 via market purchase on May 21, 2024 and it was disclosed on May 24, 2024. This represents that the promoters are showing interest in the stock post-Adani-Hindenburg Case.
Additionally, Adani Enterprises Limited will be held on Tuesday, May 28, 2024, at Ahmedabad, inter alia, to consider and approve the proposal of raising funds by way of issuance equity shares or any other eligible securities (Securities) through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the company.
Today, shares of Adani Enterprises Ltd plunged 2.85 per cent to Rs 3,288.10 per share with an intraday high of Rs 3,364.95 and an intraday low of Rs 3,267.95. The stock’s 52-week high is Rs 3,456.25 and its 52-week low is Rs 2,142.30
A strong performer with a market cap of Rs 3,74,843.77 crore, the company has consistently delivered impressive profit growth of 44.3 per cent CAGR over the last 5 years. According to the Quarterly Results (Q4FY24) and annual results (FY24), the company posted amazing numbers.
The stock gave 53.5 per cent from its 52-week low of Rs 2,142.30 per share and a whopping 2,000 per cent in 5 years. Investors should keep an eye on this Large-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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