The stocks of the Indian conglomerate, Adani Enterprises Limited, closed in the green today with the parent company exhibiting a gain of around 5.20 percent at a price of Rs 2,402. Moreover, the shares of Adani Green Energy Limited, the Renewable Energy arm, traded flat and closed at Rs 957.
Such sharp movements in the share prices are witnessed post block deals that took place pertaining to the stocks of the conglomerate.
According to various reports, GQG Partners, IHC Group, and some other foreign entities invested around 1 Billion Dollars in the Adani Group stocks including Adani Enterprises & Adani Green Energy.
According to a Bloomberg report, Adani Enterprises witnessed about 1.8 crore shares exchanging hands which equates to a 1.60 percent equity. The transacted price is said to be Rs 2,300. Moreover, Adani Green Energy saw around 11.4 lakh shares change hands at a price of Rs 920 equating to a 2.20 percent stake in the company.
The consolidated financials of both companies have shown decent growth with the net profits of Adani Enterprises showing a movement from Rs 475 crores during FY21-22 to Rs 2,208 crores in FY22-23. Moreover, the net profits of Adani Green Energy took a shift from Rs 488 crores to Rs 914 crores during the same time horizon.
Adani Enterprises Limited is a conglomerate company with integrated infrastructure involving various businesses spanning oil and gas exploration, coal trading, ports, etc. The company’s segments include Airports, Mining, Integrated Resources Management, etc.
Adani Green Energy Limited is a company based in India that is engaged in the generation of renewable power and other related activities. It builds, operates, and maintains solar power, hybrid projects, wind power, etc.
Written by Amit Madnani
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