Adani Enterprises Share Price Soars as Promoter Gautam Adani Increases Stake
Adani Group promoter Gautam Adani has increased his stake in the group’s company Adani Enterprises by more than 2% in September 2023. The company has disclosed this information to the stock market. According to exchange filings, the Adani Group promoters or related entities have purchased shares of Adani Enterprises from the open market.
Prior to this acquisition, the total voting capital or voting rights shares organized by the promoter group in the company was 71.95%. After the open market purchase, it has now increased to 73.95%. Adani Group companies’ shares saw a decline of up to 25% on June 4th, but have since recovered significantly in recent sessions. On Tuesday (June 18, 2024), the share price was up 1.42% trading at Rs 3,308.
Adani Enterprises’ share has risen by more than 12% so far this year. Following a Hindenburg Research report in January 2023, the group companies’ shares plummeted. However, by May 2024, the companies had fully recovered from the decline.
In the ending quarter of March, Adani Enterprises reported a net profit of Rs 451 crore, which was 38% lower on an annual basis. During this period, the company’s revenue increased by 1% to Rs 29,180 crore. Adani Enterprises has announced a dividend of Rs 1.3 per share for the entire financial year 2023-24. The share closed at Rs 3,269 on June 14th, up 1.37%. Over the past year, the company’s shares have seen a 31.51% increase. The stock has a 52-week high of Rs 3,743.90.
Stay tuned for more updates on Adani Enterprises’ share price performance.
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