Shares in Gautam Adani’s flagship company, Adani Enterprises Limited, have soared since the start of this calendar year. AEL shares hit a new record high on Thursday. Here is everything you need to know.
Adani Enterprises Limited shares hit a new record high on Thursday. (Photo: Reuters / Representative Image)
The Adani Group’s flagship hit a new record high on the stock exchange on Thursday. Adani Enterprises Limited (AEL) hit a new intraday high of 1,615.80 rupees per share on BSE around 11:30 am, up 4.46 percent.
The stock opened at Rs 1,561.15 per share today, rising sharply in morning trading. surpasses the previous record high it reached on Wednesday. One of the reasons why AEL stocks have soared is the skyrocketing soy prices. It should be noted that soy prices have risen sharply over the past year, which has helped AEL’s FMCG business.
RISING SOYA PRICE, POSITIVE OUTLOOK
Analysts suggest the rise in soy prices supports AEL’s positive rally in addition to the company’s positive outlook for the quarters ahead. Many analysts remain bullish on the stock and have asked existing investors to post a profit of around Rs.1850 to Rs.1870.
AEL’s stock is up over 13 percent in the last two trading sessions and is expected to continue to rise given the current momentum. The company’s market capitalization is also growing rapidly on the stock exchange and is over 1.75 lakh crore.
The rise in AEL’s share price did Gautam Adani. helped to regain his position as the second richest man in Asia. Last month, AEL’s shares on BSE rose over 13 percent, more than the 6.5 percent rise in the benchmark Sensex index.
Adani Enterprises’ shares rallied strongly in May on the company’s performance in the March quarter, helping to boost total market capitalization. For the March quarter (Q4FY21), AEL reported consolidated net income of nearly Rs 234 billion, up 282 percent from Rs 61.21 billion for the corresponding period last year.
It should be noted that the Adani Group is one of the biggest winners of the stock market rally after the pandemic and has doubled its market capitalization since the beginning of the calendar year 2021.
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