Mumbai, Dec 30 The share of Adani Enterprises Limited (AEL) registered a sharp jump on Monday, closing 7.26 per cent up or Rs 175.05 at Rs 2,585 apiece.
The company's stock reached an intra-day high of Rs 2,610. AEL was also the top gainer on the Nifty 50 index.
Share price of Adani Green Energy Ltd closed at Rs 1,072, up 1.71 per cent or Rs 18.
The stock of Adani Power Limited also closed in the green. The share closed at 543.05 after gaining 7.16 per cent or Rs 36.30. The shares of Adani Energy Solutions Ltd closed at Rs 826.35, up Rs 20.40 or 2.53 per cent.
Meanwhile, AEL announced that the company will exit Adani Wilmar Limited (AWL) by divesting its entire 44 per cent stake in the joint venture to raise more than $2 billion. Adani Enterprises will divest 13 per cent of its shares in Adani Wilmar to achieve compliance with minimum public shareholding requirements through the Offer for Sale.
In addition, Wilmar International Ltd has agreed to acquire the 31 per cent stake held by Adani Flagship in the edible oil maker. Adani Wilmar's market capitalisation was Rs 42,785 crore ($5.0 billion) as of December 27.
Last week, leading brokerage firm Ventura Securities Ltd set a market price target of Rs 3,801 for Adani Enterprises shares over the next two years. The brokerage said in its latest note that in a bull case scenario, the target price could rise to Rs 5,748, an upside of 138.6 per cent from the current price.
According to Ventura's note, Adani Enterprises is on a strong growth trajectory. The company's consolidated revenue will reach Rs 1.56 lakh crore at a CAGR of 17.5 per cent over the next three years from FY24 to FY27.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor