Adani Enterprises shares jump over 4.5% on talks with Foxconn for a $5 bn JV

By: | Updated: August 5, 2015 4:58 PM

According to market analysts, Adani group owns and operates Mundra Port, which has a special economic zone status, and is beneficial to any multinational company looking to set up export facilities in India.

adani groupAdani Enterprises shares surged over 7 per cent in the noon trade on Wednesday after the company said on Tuesday that it is in talks with Taiwan’s Foxconn for a possible joint venture.

Adani Enterprises shares surged over 7 per cent in the noon trade on Wednesday after the company said on Tuesday that it is in talks with Taiwan’s Foxconn for a possible joint venture. According to reports, the joint venture between Adani and Foxconn plans to invest close to $5 billion in coming years for manufacturing electronics in India.

Foxconn is the world’s largest contract maker of electronic products and counts companies like Apple, BlackBerry, Motorola, Huawei and Xiaomi as clients.

At 11.50 am, the share price of the company was quoted 7.94 per cent higher at Rs 101.90. It opened at Rs 96.20 and has touched a high and low of Rs 103 and Rs 95.50, in trade so far. Meanwhile, the BSE Sensex was trading 0.73 per cent higher at 28,277.

The scrip closed 4.61 per cent higher at Rs 98.75.

According to market analysts, Adani group owns and operates Mundra Port, which has a special economic zone status, and is beneficial to any multinational company looking to set up export facilities in India.

(With inputs from Reuters)

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