Adani Enterprises, Adani Ports Zoom Upto 12%, Top Gainers on Nifty

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Adani Enterprises, Adani Ports Zoom Upto 12%, Top Gainers on Nifty

By Malviak Gurung -- The domestic market made a positive opening on Wednesday and extended the vigour in early trade, tracking higher Wall Street closing in the overnight session as investors reacted to Fed Chair Jerome Powell’s comments on inflation and continuation of existing interest rate hikes, along with mixed Asian cues.

At 9:35 am, benchmark indices Nifty50 rose 0.64% to 17,832 points and Sensex gained 0.58% or 350 points. The market fear barometer India VIX declined 1.7% to 13.9 levels.

Adani Group stocks listed on the headline Nifty50, namely Adani Enterprises (NS: ADEL ) and Adani Ports and Special Economic Zone (NS: APSE ) were the star performers or top gainers, zooming up to 12% in early trade on Wednesday.

Adani Enterprises rallied 11.56%, while India’s largest private multi-port operator Adani Ports jumped 7.2% at 9:45 am.

Adani Ports released its December quarterly earnings in the previous session, witnessing a 16.04% YoY fall in consolidated net profit at Rs 1,315.54 crore, while its revenue from operations rose 17.53% YoY to Rs 4,786.17 crore.

The EBITDA rose 15% YoY to Rs 3,011 crore in Q3 FY23, while it posted the highest-ever revenue and EBITDA in over nine months.

Read Also: Adani Ports & SEZ Q3: Profit Falls 16%; Topline, EBITDA Numbers & Guidances

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