Adani stocks in focus

Adani Enterprises is in the red currently, hitting an intraday low at Rs.1362, down over 4.5% but recovered to now trade at Rs.1414 levels. On the other hand, Adani Total Gas was locked at its 5% UC the moment it opened for trade at Rs.1118.35.

In case of Adani Enterprises, the stock price slipped after the SEBI kept in abeyance, the 4,500-crore planned IPO of Adani Wilmar due to an investigation that is pending against the flagship entity.

Adani Enterprises holds 50% stake in Adani Wilmar.

On the other hand, Adani Total Gas hit the roof after it announced that it will be buying a 50% stake in Smartmeters technologies for Rs 1 crore. This buy is to help Adani manufacture gas meters with a focus on prepaid smart meters.

The acquisition is expected to be completed by September 2021.