Adani Enterprises trades higher on the bourses

Adani Enterprises Ltd. | Trading | Miscellaneous | BSE: 512599 | NSE: ADANIENT

29 Dec 2011 Evaluate

Adani Enterprises (AEL) is currently trading at Rs 329.00, up by 4.00 points or 1.23% from its previous closing of Rs 325.00 on the BSE.

The scrip opened at Rs 324.10 and has touched a high and low of Rs 329.40 and Rs 322.25 respectively. So far 19243 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 765.95 on 26-Jul-2011 and a 52 week low of Rs 279.00 on 24-Nov-2011.

Last one week high and low of the scrip stood at Rs 345.25 and Rs 313.00 respectively. The current market cap of the company is Rs 36013.28 crore.

The promoters holding in the company stood at 78.32% while Institutions and Non-Institutions held 16.89% and 4.80% respectively.

AEL, the country's largest coal importer-turned-domestic private mine developer-cum-operator (MDO), has abandoned plan to purchase cargo ships for coastal shipping of coal as thermal power plants across India are worried for fuel. The company has decided to hire a logistics service provider (LSP) instead of buying a cargo ships.

Earlier AEL, whose revenues were Rs 26,000 crore in 2010-11, was aiming to have its own cargo ships to transport coal from the eastern Indian coal-rich states to the western states, provided that the company got fertilizers and other bulk cargo to take back on the return journey to make the integrated logistics business cost-effective but it has dropped the plan.

The company is now floating international tenders for selecting an LSP who will be responsible for delivery of coal by rail-sea-rail route to various thermal power plants. AEL already has two cargo ships to import coal from Indonesia for the power plants of Adani Power and Tata Power Company at Mundra. The LSP will be required to obtain the necessary approvals and transport coal from the AEL coal washery to thermal power plants.