Gautam Adani ups stake in group's flagship firm Adani Enterprises via open market

Billionaire businessman Gautam Adani has increased his stake Adani Enterprises Ltd from the open market during the April-June quarter, a statement to stock exchanges stated on Friday. These open market purchases were made by entities belonging to the promoter or the promoter group.

During the said quarter, Adani bought the stake in the group's flagship in two tranches. He bought an additional 0.42 per cent (48,25,000 shares) stake in the company through Kempas Trade and Investment between May 10 and May 14, 2024.

In addition, the business tycoon purchased a further 0.92 per cent (1,04,95,000 shares) stake in the firm via Emerging Market Investment DMCC between May 21 and June 12.

Separately, the exchange filing mentioned that Adani bought a 0.68 per cent (77,03,200 shares) stake in Adani Ent between September 8, 2023, and September 12, 2023, via Infinite Trade and Investment Ltd.

In total, Adani, Adani Ent promoters and companies belonging to the promoter group have purchased 2.02 per cent stake in the company from open market between September 2023 and June this year.

After these acquisitions, the total voting capital or shares carrying voting rights that were with the acquirers and the promoter group or persons acting in concert came at 73.95 per cent from 71.95 per cent.

The exchange filing came post-market hours today. Shares of Adani Ent settled 1.23 per cent higher at Rs 3,263.50.

The counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 54.14. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 129.22 against a price-to-book (P/B) value of 22.09. Earnings per share (EPS) stood at 24.95 with a return on equity of 17.09.