Shares of Adani Enterprises Ltd Surge by Over 7%

Mumbai, Dec 30 (NationPress) The stock of Adani Enterprises Limited (AEL) experienced a substantial increase on Monday, closing up by 7.26 percent or ₹175.05 at ₹2,585 per share.

The company's shares hit an intra-day peak of ₹2,610. AEL also emerged as the top performer on the Nifty 50 index.

Meanwhile, the share price of Adani Green Energy Ltd closed at ₹1,072, marking a rise of 1.71 percent or ₹18.

The stock of Adani Power Limited also closed positively, ending at ₹543.05 after an increase of 7.16 percent or ₹36.30. The shares of Adani Energy Solutions Ltd finished at ₹826.35, up by ₹20.40 or 2.53 percent.

In a significant move, AEL revealed plans to exit Adani Wilmar Limited (AWL) by selling off its entire 44 percent stake in the joint venture, aiming to raise over $2 billion. Adani Enterprises will divest 13 percent of its shares in Adani Wilmar to meet minimum public shareholding regulations through an Offer for Sale.

Additionally, Wilmar International Ltd has agreed to purchase the 31 percent stake held by Adani's flagship in the edible oil manufacturer. As of December 27, Adani Wilmar's market capitalization stood at ₹42,785 crore ($5.0 billion).

Last week, prominent brokerage firm Ventura Securities Ltd projected a market price target of ₹3,801 for Adani Enterprises shares over the next two years. The brokerage noted that in a bullish scenario, the target price could potentially soar to ₹5,748, representing an upside of 138.6 percent from the current price.

According to Ventura's report, Adani Enterprises is on a robust growth path, with consolidated revenue expected to reach ₹1.56 lakh crore at a CAGR of 17.5 percent from FY24 to FY27.

skt/na