Adani Enterprises rises 4% after its entry into copper business through KCL
- KCL has been incorporated with the object to undertake copper business-related activities such as manufacture of copper cathodes and copper rods
Shares of Adani Enterprises advanced nearly 4% on Friday after the firm announced its entry into the copper business by incorporating a wholly owned subsidiary, Kutch Copper Ltd (KCL).
At 2.40 pm, Adani Enterprises was trading at 990.60 up 0.92% from its previous close, while the benchmark index, Sensex gained 1.25% to 49,046.24.
TRENDING STORIESSee All
KCL is incorporated with the object to undertake copper business-related activities such as manufacture of copper cathodes and copper rods. Currently, the holding company of Adani Enterprises is an integrated infrastructure company with businesses spanning coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation, and transmission and gas distribution. The announcement was made after market hours on Thursday.
It provides services, such as mining, beneficiation (on-site) and transportation to various consumption centres. It is engaged in agro-commodity sector through subsidiaries, which include Adani Wilmar Limited, Adani Agri Logistics Limited and Adani Agri Fresh Limited (AAFL).
Adani Enterprises reported a 10.39% fall in its consolidated profit to Rs343.17 crore for the quarter ended 31 December 2020 against consolidated profit of Rs382.98 crore in the corresponding quarter a year ago. Consolidated total income rose 6.43% in December quarter to Rs11,787.82 crore from Rs11,075.32 crore in the year-ago period.
From the beginning of the calendar year, shares of Adani Enterprises gained 106% against a rise of 2.93% in the benchmark index, Sensex. In the last one year, the shares gained more than 6 times, while Sensex gained 64.13%.
Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.