Shares of Adani Enterprises and Adani Ports were surging at the bourses on Monday.
What Happened: Shares of the two companies are upbeat today as promoter entities increased their stake in the two companies.
In the case of flagship company Adani Enterprises, the shares were acquired by Kempas Trade and Investment Ltd and Infinite Trade and Investment Ltd. The promoter group has raised its stake from 69.87% to 71.93%, as reported in stock exchange filings.
This marks the second increase in their stake in the company in less than a month, as last month they had raised it from 67.65% to 69.87%. The stock is also gaining strength as the company announced that its subsidiary Adani Global has signed a joint venture agreement with Kowa Holdings Asia, Singapore.
The JV is constituted for the sales and marketing of green ammonia, green hydrogen and its derivatives produced and supplied by Adani Group. The group will hold a 50% share in the JV.
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For Adani Ports and Special Economic Zone, the promoter group has also boosted its ownership from 63.06% to 65.23%, as indicated by filings.
The increase in stake for Adani Ports and Special Economic Zone Ltd involved Resurgent Trade and Investment Ltd acquiring nearly 1% of the stake through open market transactions, with an additional 1.2% being purchased by Emerging Market Investment DMCC.
As per filings, these transactions took place through open market transactions between August 14 and September 8, as stated in the filings.
The company might also be gaining strength after the announcement of the ambitious plans to construct a rail and shipping corridor that would establish a direct transportation link between India, the Middle East, and Europe during the G20 summit.
Price Action: Adani Ent’s share price was up 2.33% to trade at ₹2,577.95. Adani Ports’ share price was up 2.25% to trade at ₹843.55 at market open on Monday.
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