Stock of the day: Adani Enterprises skyrockets by 29%; clocks 52-week high
Scrip witnesses a long build up and heavy volumes during the day’s trade
Driven by heavy volumes, Adani Enterprises surged 29 percent intraday on Tuesday. The stock clocked its 52-week high mark of Rs 160.25.
The stock witnessed a long build up during the day. It was trading with volumes of 7,014,165 shares, compared to its five day average of 961,495 shares, an increase of 629.51 percent. The current market capitalisation of the company stood at Rs 17,486.98 crore.
As such, the stock has witnessed strong movements, posting gains of over 54 percent in the past one month, while its three-day gain stood at 39 percent. At 12:15 hrs, Adani Enterprises was quoting at Rs 159.35, up Rs 36.25, or 29.45 percent on the BSE.
The rally spilled over to other Adani Group stocks as well.
Interestingly, all these had taken a hit in the past week after the Supreme Court had rejected a tribunal ruling, which allowed power firms to charge more tariff from consumers on the back of rising costs of coal.Adani Power had slumped 25 percent over the past week, while Adani Transmission, Adani Ports and Adani Enterprises fell 2.3 percent, 7 percent and 0.6 percent, respectively.