Adani Enterprises share price was volatile in morning trade on BSE on May 5. The stock opened nearly 3 percent higher Against the previous close of 1,965 on May 5 1,909.30 but pared most of the gains soon to trade with slight gains.
The stock was trading at 9:25 a.m. 1,916.75, up 0.39 percent. In the previous session, the stock had closed with a gain of about 4 per cent.
On May 4, the flagship company of the Adani Group announced its quarter Net Profit more than double 780.68 crore for the March quarter of FY23 from 325.76 crores the year before.
Its total income has increased by 26 percent 31,716 crore on a year-on-year basis based on the group’s performance in the airports business.
Consolidated net profit more than tripled for the full financial year (FY23) 2,421 crore to 787.7 crore in the last fiscal, but still missed analysts’ estimates 4,201 crores by a huge margin.
Total income almost doubled 1.38 trillion during FY23 70,432.69 crore in FY22. Bloomberg estimates projected total annual revenue for the year 1.49 trillion.
At the end of FY23, Adani Enterprises‘ remained very high on net cash from operating activities 17,626.46 crore from 1,385.28 crore at the end of March 2022.
Read more: Adani Ant’s quarterly profit doubles on airports business
Company’s board recommends final dividend 1.20 each equity share for FY23. The company will hold its annual general meeting on July 18 to consider the resolution.
Shares of Adani Enterprises have declined nearly 51 per cent so far in calendar year 2023, as against one per cent gain in the benchmark Sensex.
Shares hit 52-week high 4,189.55 on December 21, 2022 on BSE. By the time it closes on May 4, 2023, the stock is down 54 percent from its one-year peak.
Read all the news related to the market here
In January 2023, US-based short seller Hindenburg Research released a report alleging stock manipulation and accounting fraud against certain entities of the Adani group. This led to a huge fall in the shares of Adani Group.
Adani Enterprises shares have reached a 52-week low 1,017.10 on BSE on February 3, 2023. The stock has gained 88 percent since then.
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.