News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 3 years ago  » Business » Adani Enterprises becomes third group firm to hit Rs 1-trn market cap

Adani Enterprises becomes third group firm to hit Rs 1-trn market cap

By Aditi Divekar
March 04, 2021 13:56 IST
Get Rediff News in your Inbox:

Adani Ports and Special Economic Zone and Adani Green Energy are the other two Adani Group firms to have crossed the Rs 1-trillion mark in m-cap.

Gautam Adani

IMAGE: Gautam Adani, chairman of Adani Group. Photograph: Amit Dave/Reuters

Gautam Adani-led Adani Enterprises today joined the Rs 1-trillion-market capitalisation club after its shares touched a 52-week high of Rs 944.75 per share on the BSE.

Shares of the company ended at Rs 918.65 on the BSE, up 5.28 per cent from Tuesday close with market capitalisation ending at Rs 1,01,034 crore.

With this, the company is the third of Adani Group to have crossed the Rs 1-trillion market capitalisation.


In December, Adani Ports and Special Economic Zone (APSEZ) had crossed Rs one trillion in market capitalisation for the first time, following news of Adani International Container Terminal Private Limited (AICTPL) having settled its first $300 million public US dollar bond issuance on 21st December 2020.

Adani Green Energy on the other hand, was the first of Gautam Adani-led Adani Group to have crossed the Rs 1-trillion mark in m-cap in September last year.

“Adani Enterprises continued its journey towards laying the foundation for several new businesses that the group is venturing into.

"These include airports, data centre, roads, and water.

"The fact that Adani Enterprises was able to grow its revenue and EBIDTA through a year of crisis is a reflection of the resilience of India’s economy as well as our confidence and commitment to continue to invest to build nation’s infrastructure,” Gautam Adani, chairman of the Adani Group, was quoted as saying in the quarter ended December earnings release.

The company’s top line in the period under review stood at Rs 11,620 crore, up 6.1 per cent from the October-December quarter last year.

Earnings before interest, depreciation, taxes and ammortisation (EBIDTA) for the quarter increased by 6 per cent from last year at Rs 939 crore.

The company’s performance started to improve in the December quarter as its 9-month earnings as well as topline remained lower compared to corresponding period last year due to ongoing pandemic.

Topline for Apr-Dec period was down 14 percent on year-on-year basis, while operating profit declined seven per cent during the period under review.

Meanwhile, Adani Airports, a subsidiary of Adani Enterprises, completed the acquisition of a 23.5 per cent stake in Mumbai International Airport (MIAL) last month.

MIAL is engaged in the business of development, construction and operation of Chhatrapati Shivaji Maharaj International Airport.

Adani Airports also won the mandate to modernise and run six airports - Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram for 50 years through a globally competitive tendering process conducted by the Airports Authority of India (AAI).

Of these, it took over operations of Ahmedabad, Lucknow and Mangaluru in 2020.

Alongside, Adani Enterprises and EdgeConneX, a global data centres operator with 50 facilities in 30 markets around the world, on February 23, announced the establishment of a 50:50 joint venture.

Get Rediff News in your Inbox:
Aditi Divekar
Source: source

Moneywiz Live!