Adani Enterprises hits 52-week high after it signs agreement with AAI
The stock rallied for the ninth straight day, up 17 per cent, against 3 per cent rise in the S&P BSE Sensex during the period.by SI Reporter
Shares of Adani Enterprises hit a fresh 52-week high of Rs 259, up 3 per cent on the BSE on Friday after its arm signed agreement with Airports Authority of India (AAI) for the operations, management and development of three airports. The stock of the Adani Group Company was trading at its highest level since June 2015. It was trading higher for the ninth straight day, up 17 per cent, against 3 per cent rise in the S&P BSE Sensex during the period. “Adani Ahmedabad International Airport Limited, Adani Lucknow International Airport Limited and Adani Mangaluru International Airport Limited, the wholly-owned subsidiaries of the Company have signed the concession agreement on February 14, 2020 with Airports Authority of India,” Adani Enterprises said in an exchange filing. The concession agreement is for the operations, management and development of Ahmedabad, Lucknow and Mangaluru airports respectively. The concession period is 50 years from the commercial operation date, it added. Meanwhile, for the quarter ended December 2019 (Q3FY20), Adani Enterprises reported three-fold jump in it consolidated net profit at Rs 426 crore against Rs 92 crore in Q3FY19. Consolidated total income increased by 5 per cent to Rs 11,075 crore on year-on-year (YoY) basis. The company’s earnings before interest, tax, depreciation, and amortisation (Ebitda) for the quarter increased by 58 per cent to Rs 884 crore from Rs 562 crore in Q3FY19. Margin improved to 7.9 per cent from 5.3 per cent in the previous year quarter.