Adani Enterprises shares surged almost two per cent higher in morning trade on Monday. The Adani Group’s flagship company reported that an affiliate of Adani Enterprises Ltd (AEL) will operate its coal washeries. Even though the Adani Enterprises stock has surged almost 7 per cent over the last five days, today’s gain in the morning trade, was the second biggest gainer on the Nifty50 index.
At the time of writing this story, Adani Enterprises share was trading almost 1.6 per cent higher at Rs 1899.75 on the BSE. However, after the Hindenburg Research report rout, the stock has been far away from its 52-week high of Rs 4,189.55.
Advertisement
The peak of Adani Enterprises stock saw a massive downfall after short-seller Hindenburg accused the Gautam Adani-led conglomerate’s flagship company of fraud and stock manipulation. The report triggered a massive sell-off of the stock, soon after which the shares slided to new levels.
As far as the coal washeries business is goes, Adani Enterprises, in a regulatory filing said, “The company has incorporated a WOS (Wholly-Owned Subsidiary) Pelma Collieries Ltd (PCL) on April 7, with an initial authorised share capital of Rs 10,00,000 and paid-up share capital of Rs 5,00,000," it said in a regulatory filing on April 11.”
It is now left to be seen how the shares trade and fair by the end of the day and week.
Just one email a week