Adani Enterprises shares surge on Foxconn JV news

Adani Entrerprises rallied nearly 8 per cent as the group isin talks with Foxconn to form a manufacturing joint venture.

In the morning trade the shares of the company opened at Rs96.10 hitting Rs 100.8 by 10 am.

As of 11.03 a.m., Adani Enterprises shares traded 7.5 percent higher at Rs 101.45

As of  1:55 pm thecompany's stock was up 6.01 per cent at Rs 100.45.

Foxconn is the world's largest contract maker of electronic products and countscompanies like Apple, BlackBerry, Motorola, Huawei and Xiaomi as clients.

"We are at the discussion stage only and have notsigned any agreement which requires disclosure under Clause 36 of the ListingAgreement." Adani Enterprises said in a statement to the Bombay StockExchange.

The Gautam Adani-led firm is also in focus as the company lost the environmentalapproval for its Carmichael coal mine in Australia.

The stocks of the company closed at Rs 98.75 up a total of 4.35 per cent during the day's trade.