Why Adani Ent Shares Are Surging Today

Shares of Adani Enterprises continued to make gains for the fourth straight session on Tuesday.

What Happened: Shares of Adani Group‘s flagship entity are upbeat today as its promoter entity Kempas Trade & Investment Ltd raised stakes in the company. As per exchange data, the promoter firm bought 2.53 crore shares of the company during August 7-18.

The purchase was made from the open market. The company now holds around 69.87% stake in the company. The company also announced the incorporation of two entities on Monday.

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The company announced the incorporation of a wholly-owned subsidiary Sirius Digitech International. The new entity is registered with the Registrar of Companies, Gujarat at Ahmedabad on August 21, 2023. As per the exchange filing the company will provide digital services.

Following this, the company late on Monday announced that its subsidiary Adani Airport Holdings Limited has incorporated a Joint Venture Company namely "Tabemono True Aromas Private Limited" on August 21, 2023, with Travel Food Services Private Limited (TFS) for the purpose of a strategic partnership to develop, operate and maintain various hospitality services and formats at multiple locations. Adani Airports owns 75.01% of the company.

Price Action: Adani Enterprises’ share price was up 2.09% to trade at ₹2,695 as the markets opened on Tuesday.

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