Adani Enterprises jumps on April-June earnings

MUMBAI: Shares of Adani Enterprises opened with a gap-up and surged over 5 per cent in early trade after the company announced its first quarter results last Saturday.

The company posted consolidated net profit of Rs 556.74 crore for the quarter ended June 30, 2014 as compared to a net loss of Rs 278.30 crore in the corresponding quarter last fiscal.

Total Income increased to Rs 16671.55 crore in June, 2014 quarter as against Rs 11835.54 crore in year-ago period.

Meanwhile, the company has set aside about Rs 126 crore as payment to authorities on account of delay in starting commercial operations of its Tiroda thermal power plant in Maharashtra.

Adani Power Maharashtra, a subsidiary of the company, is executing the 3,300 MW capacity thermal power project at Tiroda in Maharashtra.

The third 660 MW unit of the project was commissioned in June last year. The company intends to sell power from this plant under the long term PPAs (power purchase agreements) as well as in the open market.

At 09:50 a.m.; the stock was at Rs 472.20, up 4.03 per cent, on the BSE. It touched a high of Rs 478 and a low of Rs 467.60 in trade today.