Adani Enterprises share price jumped 1.1% today or Rs 20.95 to Rs 1,932.2 after the Gautami Adani-led company’s net profit surged 137.4% on-year to Rs 722.48 crore in Q4FY23 as against Rs 304.32 crore in the same quarter last year. The company recommended a dividend of Rs 1.20 per equity share of face value of Re 1 each fully paid up for the financial year 2022-23.
Adani Enterprises shares have risen 13% in the past one month while the stock has fallen 50% in the last 6 months. Meanwhile, the benchmark equity indices, NSE Nifty 50 and BSE Sensex tanked over half a percent in the early morning trade on Friday. Adani Enterprises’ revenue from operations came in at Rs 31,346.05 crore, up 26.1% on-year from the previous Rs 24,865.52 crore owing to strong performance by IRM and the Airports business.
Most of the Adani group stocks were trading flat today. Adani group shares, including the flagship Adani Enterprises, have seen heightened volatility over the past few months due to the controversial Hindenburg Research report. On January 24, a US-based short seller published a report named “Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History,” following the publication, the market capitalisation of Adani Group companies tanked nearly 58% in one month.
Hindenburg said it holds a short position in Adani Group Companies through US-traded bonds and non-Indian-traded derivative instruments. The report further noted that Adani Group’s 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations. Adani Enterprises shares are still about 45.3% lower than that prior to the impact of the report, and down about 55% from the 52-week high of Rs 4,190 per equity share.
