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Adani Enterprises Aluminium JV and QIP Push Stock Near 52-Week High
Adani Enterprises shares rose 0.93% to near a 52-week high after a $11.5 billion aluminium JV with Abu Dhabi's IRH and a QIP at ₹3,034.68 floor price. The stock is up 40% YTD, far ahead of the Nifty's 6.9% decline.
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Shares of Adani Enterprises climbed 0.93% to ₹3,206.90 on the NSE at 12:47 pm IST on Friday, trading near their 52-week high of ₹3,229.60 hit a day earlier. Buy orders accounted for nearly 56% of trade interest, with volume reaching 16.62 lakh shares worth ₹524.17 crore.
The move followed two announcements on July 2 that together gave the stock a fresh catalyst. The bigger of the two was a memorandum of understanding with International Resources Holding (IRH), an Abu Dhabi-based firm in the IHC group, and the Odisha government. The three sides agreed to form a 50:50 joint venture for an integrated greenfield aluminium project valued at $11.5 billion, or roughly ₹1.08 lakh crore.
The project includes a 4 million metric tonne per annum alumina refinery, a 2 million tonne smelter, a 4,000 MW captive power plant, and a 1 million tonne downstream manufacturing park. Adani Enterprises called it India’s largest single investment in the aluminium chain and Odisha’s biggest foreign direct investment proposal. The company expects it to generate about 53,500 jobs.