Edelweiss Research is bullish on Adani Enterprises and has maintained buy rating on the stock in its June 02, 2008 research report. "Adani Enterprises declared strong Q4FY08 consolidated results that were ahead of our expectations. Revenues for the quarter grew 24% Q-o-Q to Rs 66.2 billion. Y-o-Y comparison is not possible as the company started consolidating results FY08 onwards.
"In Q3FY08, other income included a net gain of Rs 208.4 million, realised on account of sale of 49% stake in Adani Retail to Reliance Retail. PAT grew 13% Q-o-Q to Rs 1.38 billion. We have not factored in any of the new initiatives in our SOTP value of Rs 1,043 per share. We continue to maintain our 'BUY' recommendation on the stock." according to Edelweiss Research report.
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