Adani Enterprises Ltd’s shares hit a record high of Rs 2,293.55 after they rallied 5 per cent on the National Stock Exchange (NSE) in yesterday’s trade, surpassing their previous high of Rs 2,255 touched on April 19, 2022. On the Bombay Stock Exchange (BSE), the stock had hit a record high of Rs 2,294 on April 11, 2022, in the intra-day trade.

On April 20 2022, Adani Group has committed to invest Rs 10,000 crore in West Bengal over the next decade, group chief Gautam Adani said. Meanwhile, International Holding Company had agreed to invest $2 billion in three Adani Group companies, such as Adani Green Energy, Adani Transmission and Adani Enterprises, through the preferential allotment route. The capital will be utilized to pursue the respective businesses’ growth, further strengthening the balance sheet and for general corporate purposes.

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Adani Enterprises, the flagship company of Adani Group, said it would allow 4.02 million equity shares for Rs 1,915.85 per share, aggregating to Rs 7,700 crore. The next generation of its strategic business investments is centred around airport management, roads, data centre and water infrastructure, which has significant scope for value unlocking.

In March, the stock has outperformed the market by surging nearly 30 per cent after CARE Ratings revised and upgraded the credit rating of the Adani Enterprises’ instruments.

“The revision in the ratings assigned to the principal protected market-linked debenture (MLD) issue, non-convertible debenture (NCD) issue and bank facilities of Adani Enterprises take into consideration the strengthened financial flexibility of the Adani group. The factors are led by an established track record of successful incubation of businesses across various verticals, completion of substantial Capex in subsidiaries of Adani Enterprises and recovery of passenger traffic in the airport segment during 9MFY22 (refers to the period April 01 to December 31),” said CARE Ratings in rating rational on March 21, 2022.