Adani Enterprises Ventures the List of Top-50-Most-valued Companies

Adani Enterprises has stepped in the list of the top-50 most valuable companies in India post the company's stock price rallied nine percent to reach Rs.719, also its new high, on the BSE in intra-day trade.

Adani Enterprises, trading at Rs.718, recorded market capitalisation (m-cap) of Rs.78,554 crore, and stood at 49th position in the overall ranking, BSE data show. On Thursday, the organization held 55th position in market cap ranking.

However, the company has surpassed steel major Tata Steel, personal products company Godrej Consumer Products, two-wheeler company Eicher Motors, private lender IndusInd Bank, and paints company Berger Paints and real estate developer DLF. In comparison, the S&P BSE Sensex was down 0.09 percent at 51,486 points.

Adani Enterprises is the flagship company of Adani Group, and has current portfolio of robust businesses. The next-generation of its strategic business investments are centered on the fields of solar PV manufacturing, airport management, technology parks, and water infrastructure.

In a regulatory filing, the company states, "Adani Airport Holdings (AAHL), the flagship holding company of Adani Group for its airports business and a wholly owned subsidiary of Adani Enterprises, has acquired 23.5 per cent equity stake, i.e. 282 million equity shares of Rs 10 of Mumbai International Airport, from ACSA Global and Bid Services Division (Mauritius) for Rs 1,685.25 crore."

Adani Airports, a subsidiary of Adani Enterprises, won the mandate to modernize and operate six airports - Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram for a period of 50 years through a globally competitive tendering process conducted by the Airports Authority of India (AAI). Of these, it took over the operations of Ahmedabad, Lucknow & Mangaluru in 2020.

In the past one week, the stock of Adani Enterprises rallied 21 percent after Adani Airports completed acquisition of 23.5 percent stake in Mumbai Airport.

MIAL is engaged in the business of development, construction and operation of Chhatrapati Shivaji Maharaj International Airport. This acquisition forms part of the transaction pursuant to which AAHL proposes to acquire controlling interest in MIAL, it adds.

The company has also stated that it is also having power to develop the Navi Mumbai International Airport. With its combined capacity Adani Airport would reach about more than 75 million passengers per annum (MPAs).