Adani Enterprises up for fifth straight day, surges 27% in one week

Shares of Adani Enterprises were trading higher for the fifth straight day, up 7 per cent to Rs 174 on the BSE in the intra-day deals on Friday after the company set up a subsidiary company named Adani Metro Transport  (AMTL) to focus on metro rail projects.

In the past one week, the stock of Adani group’s flagship company has rallied 27 per cent, as compared to a three per cent rise in the S&P BSE Sensex. It was trading close to its 52-week high level of Rs 181, touched on May 23, 2019.

“The Company has incorporated a wholly-owned subsidiary for the business of building, construction of transportation facilities like metro & mono rail segment, rapid rail transit system and engineering, procurement and construction thereof,” Adani Enterprises said in a regulatory filing. AMTL is yet to commence its business operations.

Earlier this month, Adani Enterprises incorporated a wholly-owned subsidiary company namely Stratatech Mineral Resources for carrying out mining activities in any part of India or elsewhere.

On August 2, Adani Enterprises had incorporated the new company called Adani Airports for acquiring, promoting, operating, maintaining, developing, designing, constructing, upgrading, modernising, renovating, expanding and managing airports in India and abroad.

In February, the Adani Group won the mandate to run all six government-owned airports that were put up for privatisation. It bagged a 50-year contract for the operation, management, and development of airports in Ahmedabad, Lucknow, Jaipur, Guwahati, Thiruvananthapuram, and Mangaluru.

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