Shares of Adani Enterprises has moved higher by 8% to Rs 163, bouncing back 16% from its day low on the NSE . The stock of Adani group Company turned ex-date for spin off its gas sourcing and distribution business into a new company called Adani Gas.
Adani Enterprises has fixed September 7, 2018, as the record date for determining the entitlement of equity shareholders of Adani Enterprises for the purpose of allotment of fully paid up equity shares of Re 1 each of Adani Gas.
After the issuance and allotment of the equity shares by Adani Gas, the Adani Gas will complete the necessary steps to have the equity shares listed on the BSE and National Stock Exchange of India Limited (NSE).
Adani Gas a subsidiary of Adani Enterprises, is developing City Gas Distribution (CGD) Networks to supply the Piped Natural Gas (PNG) to the Industrial, Commercial, Domestic (residential) and Compressed Natural Gas (CNG) to the transport sector.
The company has already set up city gas distribution networks in Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana and Khurja in Uttar Pradesh. In addition, the development of Allahabad, Chandigarh, Ernakulam, Panipat, Daman, Dharwad, and Udhamsingh Nagar gas distribution is awarded to consortium of Adani Gas and Indian Oil Corporation.
( Curtsy: BS)
Technically, ADANIENT on NSE on 6th September, taken Support around 139.35 making it a strong bounce from there after hitting 170 in intraday. The News is already discounted in today’s market . We can understand that the Stock may now move into sideways on slightly positive bias. The zone of 140-170 will be traded quite interestingly. Many Investors have picked up the stock in Today’s trading session inching the stock prices recover the way unexpected. It is not advisable to chase the stock in the next immediate session, but will definitely be on a selection list in the next 4-5 sessions.
Santhosh Kumar V