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    512599   INE423A01024

ADANI ENTERPRISES LIMITED

(512599)
  Report
End-of-day quote Bombay Stock Exchange  -  2023-01-30
2975.00 INR   +3.35%
12:26aMarkets 'overpricing' Indian banks' risk from Adani exposure - Societe Generale
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12:01aMarkets 'overpricing' Indian banks' risk from Adani exposure - Societe Generale
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India police ban rally to support Adani port, protesters refuse to budge

11/30/2022 | 04:26am EST
Members of police arrive at a protest site ahead of a rally by the supporters of the proposed Vizhinjam port project

VIZHINJAM, India (Reuters) - Police in the Indian state of Kerela on Wednesday said they will not allow a Hindu group close to the country's ruling party to march in support of a mega port by Adani Group, as tensions rise over a $900 million project stalled by Christian protesters.

Members of the Hindu United Front have vowed to walk to the port in Vizhinjam, on the southern tip of India, to pledge their support for a project they say will create jobs in the region.

Construction has been halted for almost four months by protesters from a fishing community who say the port is causing erosion that has hit their livelihoods.

The villagers, led by Catholic priests, are blocking the site's entrance with a makeshift shelter, and an attempt by police to intervene triggered clashes which injured more than 80 people.

In a bid to stave off fresh violence, a senior police officer said even more security had been deployed around the port to prevent the Hindu group from reaching it.

"We have denied permission to the rally by the Hindu United Front. We have taken enough precautions to prevent it if the front defy the order," Trivandrum Deputy Commissioner of Police Ajith V told Reuters.

The port is of strategic importance to both India and billionaire Gautam Adani, Asia's wealthiest man and the world's third-richest. Once completed, it will become India's first container transhipment hub, rivalling Dubai, Singapore and Sri Lanka for business on the lucrative east-west trade routes.

Critics say Adani, who comes from the same state as Modi, has benefited from the policies of the federal government.

Both Adani's conglomerate and the government of Kerala have denied accusations the port is causing environmental damage.

Supporters of the port have set up their own shelter across the street from the protesters. Earlier, Hindu United Front member C Babu told Reuters they would go ahead with the rally.

Kerala state police have already sent reinforcements to the Vizhinjam area after villagers stormed a police station late Sunday in clashes.

The protest has continued despite repeated orders by Kerala's top court to allow construction to restart. However, police have so far been unwilling to take action, fearful that doing so will set off social and religious tensions.

The first phase of construction was due to be completed by end-2024. The Adani Group has said in court filings that the protests have caused "immense loss" and "considerable delay".

Adani has also faced protests in Australia, where environmental activists had launched a "Stop Adani" movement to protest his Carmichael coal mine project in Queensland state.

(Writing by Aditya Kalra and Miral Fahmy, Editing by Conor Humphries)

By Munsif Vengattil and Jose Devasia


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADANI ENTERPRISES LIMITED 3.35% 2975 End-of-day quote.-22.91%
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED -2.42% 597.35 Delayed Quote.-25.11%
ADANI POWER LIMITED -4.98% 212.65 Delayed Quote.-25.29%
ADANI TRANSMISSION LIMITED 3.73% 1773.95 End-of-day quote.-31.55%
AMBUJA CEMENTS LIMITED 3.50% 401 End-of-day quote.-23.49%
MSCI SINGAPORE (GDTR) -0.25% 5871.5 Real-time Quote.6.90%
All news about ADANI ENTERPRISES LIMITED
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Analyst Recommendations on ADANI ENTERPRISES LIMITED
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Financials
Sales 2023 717 B 8 774 M 8 774 M
Net income 2023 23 734 M 290 M 290 M
Net Debt 2023 - - -
P/E ratio 2023 143x
Yield 2023 -
Capitalization 3 446 B 42 166 M 42 166 M
Capi. / Sales 2023 4,81x
Capi. / Sales 2024 4,45x
Nbr of Employees 5 051
Free-Float 19,8%
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 2 975,00 INR
Average target price 3 512,00 INR
Spread / Average Target 18,1%
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Managers and Directors
Rajesh Shantilal Adani Managing Director & Executive Director
Jugeshinder Singh Chief Financial Officer
Gautambhai Shantilal Adani Executive Chairman
Jatin R. Jalundhwala Secretary & Joint President-Legal
Hemant Madhusudan Nerurkar Independent Non-Executive Director
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