Synopsis: Adani Enterprises' board has approved raising up to Rs. 16,600 crore, subject to necessary approvals at the Annual General Meeting on June 24, 2024. The stock remained flat at Rs. 3328.80 on the BSE, with a market cap of Rs. 3.73 lakh crore.
Adani Enterprises' stock was trading flat at Rs. 3328.80, compared to the previous close of Rs. 3288.10 on BSE.
On Tuesday, Adani Enterprises announced that its board has approved raising up to Rs. 16,600 crore.
The stock remained flat at Rs. 3328.80 against the previous close of Rs. 3288.10 on BSE, with a market cap of Rs. 3.73 lakh crore.
This fundraising is subject to necessary approvals, including that of the members at the upcoming Annual General Meeting scheduled for Monday, June 24, 2024.
A total of 0.40 lakh shares were traded, amounting to a turnover of Rs. 13.31 crore on BSE.
The stock has a one-year beta of 1.3, indicating high volatility over the period.
Technically, the relative strength index (RSI) of Adani Enterprises is 63.1, indicating that the stock is neither overbought nor oversold.
It is trading above its 10-day, 20-day, 50-day, 100-day, 150-day, and 200-day moving averages.
The Adani Group stock has increased by 12.66% this year and 29.21% over the past year.
Adani Enterprises stated, "By way of issuance of such number of equity shares having face value of Rs. 1 each of the Company and / or other eligible securities or any combination thereof (hereinafter referred to as ‘Securities’), for an aggregate amount not exceeding Rs. 16,600 crore or an equivalent amount thereof by way of qualified institutional placement (‘QIP’) or other permissible mode in one or more tranches and in accordance with the applicable laws, subject to the receipt of the necessary approvals including approval of the members at the ensuing Annual General Meeting of the Company scheduled to be held on Monday, 24th June, 2024 and other regulatory / statutory approvals, as may be required” in a communication to the bourses.
In summary, Adani Enterprises' board has approved a plan to raise up to Rs. 16,600 crore, pending necessary approvals at the upcoming AGM on June 24, 2024.
The company's stock traded flat at Rs. 3328.80 on the BSE, with a market cap of Rs. 3.73 lakh crore.
Despite high volatility, indicated by a one-year beta of 1.3, the stock has shown significant gains, up 12.66% this year and 29.21% over the past year.
The stock remains technically strong, trading above key moving averages and with an RSI indicating a balanced market position.
Disclaimer: We provide stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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