This Adani group stock, operating in multiple sectors like integrated resource management, airports, and data centers, and many more came into focus on Wednesday after the company reported that its real-estate arm has secured the highest bid for the Rs. 36,000 crore redevelopment project in Mumbai.
Stock Performance
With a market capitalization of Rs 2,60,267.75 crore, Adani Enterprises Ltd went up over 1 percent to an intraday high of Rs 2,279 per share compared to its previous closing price of Rs 2,250.35 per share. The shares retraced and were trading at Rs 2,255, which is a slight increase compared to the previous close.
What happened
According to PTI, Adani Properties Pvt. Ltd. (APPL), the rental arm of Adani Enterprises, has emerged as the highest bidder for the Rs. 36,000 crore redevelopment project of Motilal Nagar in Mumbai, covering 143 acres . The company surpassed its closest competitor, L&T, by offering more built-up area.
Prior to this, the company had also participated in the redevelopment project of the Dharavi slum, to transform one of Asia’s largest slums into a world-class urban hub.
The Mumbai High Court recently approved the Maharashtra Housing and Area Development Authority (MHADA) to proceed with the redevelopment through a construction and development agency (C&DA).
As per the tender agreement with MHADA, Adani Properties Pvt. Ltd. will be responsible for constructing and rehabilitating 3,372 residential units, 328 commercial units, and 1,600 slum tenements. It will also be responsible for developing 3.97 million square meters of built-up area, exceeding the tender requirement of 3.83 million square meters.
Further, MHADA will maintain full control over the project, including land ownership. This safeguard ensures the protection of existing residents and prevents any misuse of redevelopment rights.
Company Overview
Adani Enterprises is a global infrastructure company based in India, operating across multiple sectors, including integrated resource management, mining, energy, airports, roads and data centers. Notably, the company was involved in the development of India’s largest commercial port, Asia’s longest private HVDC line and also the world’s largest renewable cluster.
Financial Performance
When looking at the financials, the company reported a 9 percent YoY decrease in sales from Rs. 25,050 crore to Rs. 22,848 crore in Q3 FY25. The net profits plummeted 88 percent from Rs. 1,973 crore to Rs. 229 crore during the same period.
Written by Shwetha Sairam
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