Adani Enterprises shares cut gains after clarification; stock still up for 3rd straight day

Shares of Adani Enterprises cut Thursday morning gains after the Adani group firm's clarification on a recent media repot, but were still up for the third straight session. The scrip climbed 5.36 per cent in morning trade to hit a high of Rs 1,873.90. As the session progressed, Adani Enterprises shares cut intraday gains to 1.4 per cent after the company denied reports that suggested Adani hired Grant Thornton for audits after Hindenburg fallout.

The company told stock exchanges that "the news item appears to be a market rumour and hence it would be inappropriate on our part to comment on it."

While announcing its quarterly results on February 14, Adani Enterprises said no material financial adjustment arises to the consolidated financial results for the quarter and nine months ended December 31, 2022 with respect to the allegations by Hindenburg report.

"We wish to confirm that we have made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges," Adani Enterprises said on Thursday.

The stock has been rising after Adani Group Chairman Gautam Adani said the recent market volatility was temporary and, as a classical incubator, Adani Enterprises will continue look at strategic opportunities to expand and grow. Adani, 60, also said his company would moderate leverage going ahead.

Adani said his company's fundamental strength lies in mega-scale infrastructure project execution capabilities, organisational development and exceptional O&M management skills comparable to the best in the world.

Adani Enterprises reported a profit of Rs 820.06 crore for the December quarter against a loss of Rs 12 crore in the corresponding quarter last year. It reported a 42 per cent YoY rise in total income at Rs 26,951 crore against Rs 18,963 crore YoY. Ebitda for the quarter grew 101 per cent YoY to Rs 1,968 crore compared with Rs 977 crore in the same quarter last year.

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