Adani Enterprises stock up 31% in 2 days
Published On: Wednesday, March 1, 2023 | By: Team KnowMyStock
Shares of Adani Enterprises Ltd gained 15% today after the flagship company of the Adani Group said its arm Mundra Aluminium Ltd has been declared as the preferred bidder for the Kutrumali bauxite block by the Odisha government. The stock has rallied over 30 percent in the last two days. After closing Tuesday's session higher by 14 percent, the group share rallied another 15 percent today to the day's high. Shares of all ten listed companies of the Adani Group climbed for the second straight day on Wednesday after taking a beating in recent sessions. The conglomerate's combined market capitalization jumped by ₹39,000 crore to above ₹7.50 lakh crore mark in today's trade. A recent Reuters report also noted that Adani Group plans to prepay or repay share-backed loans worth $690 million to $790 million by March end has also pushed the stock higher during the last two trading sessions.
Meanwhile, a letter of intent dated February 27, 2023, has been issued to Mundra Aluminium Ltd by the Odisha government in respect of the following mineral block in Odisha.Mundra Aluminium Ltd is a wholly owned subsidiary of Adani Enterprises Ltd, incorporated with the objective of carrying out the business of mining, refining, smelting, development, production and operations of bauxite, alumina and aluminium. The Kutrumali bauxite block contains geological reserves of 128 million tonnes (MT). The block lies in the Kalahandi and Rayagada districts of Odisha.
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
