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Shares of Gautam Adani-led Adani Group companies continued their upward march with Adani Enterprises and Adani Green Energy hitting respective life-time highs after these two companies along with Adani Transmission announced plans to raise funds.
The boards of directors of these three companies are scheduled to meet on Friday, April 8, 2022 to consider and approve the proposal for raising of funds by way of rights issue, preferential allotment, including a qualified institutions placement or through any other permissible mode and/or combination thereof.
The fund raising is subject to all such regulatory / statutory approvals as may be required including the approval of shareholders of the company, these companies said in their respective exchange filing.
As of 09:45 AM, Adani Enterprise after touching a high of Rs 2,164, was up 0.4 per cent at Rs 2,150 on the BSE. Adani Green hit a high of Rs 2,250, and was up 1.2 per cent at Rs 2,215. Adani Transmission touched a high of Rs 2,471, but was down 0.1 per cent at Rs 2,446.
Among other Adani Group stocks, Adani Power too hit a fresh record high of Rs 244.50, up 5 per cent on the BSE in Wednesday’s intra-day trade. In the past one month, the stock has zoomed 102 per cent, as compared to a 10 per cent rally in the S&P BSE Sensex.
Adani Power had posted consolidated net profit of Rs 218.49 crore for third quarter of FY22 (Q3FY22). The company incurred a loss of Rs 288.74 crore while total income stood at Rs 5,593.58 crore relative to Rs 7,099.20 crore in the same period a year ago.
According to a report by PTI, India’s power consumption grew steadily to 126.12 billion units (BU) in March, increasing by 4.6 per cent year-on-year. The surge in power consumption reflects the impact of early onset of summers and easing of lockdown restrictions by states.
Adani Wilmar (AWL) too was up 5 per cent at Rs 609, also its new high on the BSE, and has rallied 68 per cent in the last one month. AWL enjoys market-leading positions across kitchen essentials: branded edible oil, wheat flour, rice, etc., with a large household reach. Its growth strategy is premised on scaling up market share in existing categories, diversification into more FMCG segments, the pursuit of strategic acquisitions (widening product/geographic reach) and an improved margin/return profile over the medium term.
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