Shares of Adani Enterprises rose nearly 2 per cent in Friday's trading after the stock exchanges BSE and NSE removed the securities of the Adani group flagship from the short-term additional surveillance measure ASM. Adani Enterprises was placed under a short-term additional surveillance framework on May 24.
The stock rose 1.71 on BSE to Rs. 2,535 at an all-time high. The scrip has rebounded 149.23 percent from its 52-week low of 1,017. However, it still required a 65 per cent rally to resume its 52-week high of Rs 4,189. The allegations by Hindenburg Research on Adani group companies hit the company's market value earlier this year. The move was followed by the company's decision to withdraw its Rs 20,000 million share offer from the stock market. The company then sold the shares to GQG Partners, where they were valued at Rs. 5460 crore.
The stock exchanges, in two separate circulars, said the securities of Adani Enterprises' securities would be removed from the framework effective from June 2. In their circulars issued in May, the exchanges said applicable margin shall be 50 percent or existing margin whichever is higher, subject to a maximum rate of margin capped at 100 percent, with effect on all open positions as on May 25, 2023 and new positions created from May 26, 2023. Adani Enterprises posted a 138 per cent increase on a year-on-year YoY rise in its consolidated net profit of Rs 722.48 crore for the quarter, boosted by a strong performance at its key coal trading division. The company had a net profit of 304.32 crore in the same quarter last year. Its consolidated revenue from operations rose more than 26 percent to Rs 31,346. In the quarter of 2023, Tata group posted a net loss of 05 Crores from Rs 24865. In March 2022, the company generated 52 crore, up from 58 percent in the previous quarter.
As of April 30th, mutual funds held 1,16, 50,252 shares, or 1.02 percent, of the company's holdings in Adani Enterprises. This was against 96,51, 468 shares, or 0.86 per cent, of the stock that it held in the Adani flagship as of March 31. In value terms, fund managers held Rs. 2,242. 62 crore worth the Adani brand compared to 1,706. In March, the company generated 95.92 billion rupees.