Adani Enterprises stock hits new record high

The share price of Adani Enterprises Ltd hit 52-week high mark of Rs 2,561.35 on the BSE on Monday.

The stock, which has been on the uptrend for the past several days, opened at Rs 2,500 after closing at Rs 2,499 on Friday and went up to Rs 2,561.35 before ending the day at Rs 2,549.85.

It is said that the stock of the Adani Group's flagship company is on the rise owing to increased demand for power.

The other listed companies of the group in the power sector are Adani Power, Adani Transmissions, and Adani Green.

According to Adani Enterprises it is presently focused on businesses related to airports, roads, water management, data centres, solar manufacturing, defence and aerospace, edible oils and foods, mining, integrated resource solutions, and integrated agri products.

Last month, Care Ratings in a report listed the key strengths of the company as strengthened financial flexibility of the Adani Group and continuation of need-based support to the company, completion of capex and commencement of trial runs of coal dispatch in Australia, and significant recovery in the air passenger traffic.

The strengths also included completion of expansion project in solar module manufacturing albeit with decline in profitability during FY22, ramp-up in domestic mining services business during FY21 and FY22, and substantial reduction in exposure to thermal power vertical of the Adani group.