UPDATED: June 2, 2021 16:08 IST
Shares of Adani Enterprises Limited (AEL), the flagship company of the Adani group, hit a fresh intraday high on Wednesday. On the BSE, Adani Enterprises stock was trading at Rs 1,488, up 5.14 per cent at 11:30 am.
AEL’s stock has surged over 13 per cent in the past two trading sessions, surpassing the previous intraday high of Rs 1,390 it touched on Tuesday. AEL has a diversified business portfolio which includes solar cell and module manufacturing, agro-processing, commodities trading, fuelling of ships and shipping.
It may be noted that the market capitalisation of AEL is rapidly growing on the stock market, and it has also boosted the net worth of industrialist Gautam Adani, who is now Asia’s third-richest man. He briefly became Asia’s second-richest man last month.
In May, shares of the flagship Adani Group firm surged over 13 per cent on the BSE, higher than the 6.5 per cent gain in Sensex.
RECORD RALLY IN MAY
The sharp rally in May was a result of the company’s March quarter performance that helped the company’s market capitalisation cross Rs 1.52 lakh crore. As of Wednesday, AEL’s m-cap stands at Rs 1.64 lakh crore.
In the march (Q4FY21) quarter, AEL reported a whopping 282 per cent rise in consolidated net profit at Rs 233.95 crore. This was in comparison to a consolidated net profit of Rs 61.21 crore in the corresponding period a year ago.
Meanwhile, the consolidated income of the company during the quarter was Rs 13,688.95 crore as compared with Rs 13,698.09 crore in the same quarter a year ago.
AEL had also said in a statement that the consolidated PAT attributable to owners (before exceptional item) increased almost seven times at Rs 413 crore compared to Rs 61 crore on a Y-o-Y basis as a result of higher earnings before interest, taxes, depreciation, and amortization or Ebitda,
The Adani Group has been one of the biggest beneficiaries of the post-pandemic stock market rally and its market capitalisation has nearly doubled since the beginning of CY21.