21.9 C
Nairobi
Friday, November 1, 2024

Dr. Joyce Njagi: Meet Kithure Kindiki’s Wife Who is a Senior Lecturer at UoN

Joyce Kithure stands out not only as the wife of prominent politician Kithure Kindiki but also as an accomplished individual in her own right. With...
HomebusinessAdani Enterprises Shares Surge Over 5 Percent After Q2 Results 2024

Adani Enterprises Shares Surge Over 5 Percent After Q2 Results 2024

Adani Enterprises experienced a significant increase in its share price, rising nearly 5% on Wednesday following the release of its Q2 financial results.

The shares reached a peak of 4.98%, trading at ₹2,980.60 (Ksh 4,566) each on the Bombay Stock Exchange (BSE).

As the flagship entity of the Adani Group, Adani Enterprises reported a remarkable 664% surge in its consolidated net profit, amounting to ₹1,742 crore (Ksh 26,691,138) for the quarter ending September 2024, in contrast to ₹228 crore (Ksh 3,493,444,016) during the same quarter of the previous fiscal year.

The company’s operational revenue for Q2FY25 saw a year-on-year increase of 16%, rising to ₹22,608 crore (Ksh 346,402,554) from ₹19,546 crore (Ksh 299,486,213).

Additionally, EBITDA for the September quarter grew by 46% year-on-year, reaching ₹4,354 crore (Ksh 66,712,523), driven by robust operational performance from the Adani New Industries Ltd (ANIL) ecosystem and its Airports division.

Furthermore, Adani Enterprises announced its intention to raise ₹2,000 crore (Ksh 30,644,245) through the issuance of non-convertible debentures (NCDs), which will be made available in one or more tranches via a public offering.

The company also revealed the cancellation of its demerger plan concerning its food FMCG business, which was intended to be transferred to Adani Wilmar.

“The Board at the said Meeting has decided to withdraw the draft Scheme of Arrangement among Adani Enterprises Limited and Adani Wilmar Limited and their respective shareholders & creditors (“draft Scheme”) that was approved by the Board in their meeting held on 1st August, 2024,” Adani Enterprises said in a regulatory filing.

Adani Enterprises’ stock price has experienced a decline of 5% over the past month; however, it has increased by more than 4% year-to-date (YTD).

Over the course of one year, the stock of the Adani Group has appreciated by over 29%, and it has delivered multibagger returns exceeding 109% over a three-year period.