Finance Update

Adani Enterprises rises 6% on formation of a subsidiary

Last Updated : Mar 29, 2019 12:40 PM IST | Source: Moneycontrol.com






At 1219 hrs, Adani Enterprises was quoting Rs 147.05, up 6.37 percent on the BSE.












Shares of Adani Enterprises surged more than 6 percent intraday on March 29 after Adani Defence Systems and Technologies, a wholly-owned subsidiary of the company, incorporated a new entity namely Adani Rave Gears India.

The Gautam Adani-owned company in its BSE release said that the company was incorporated “for manufacturing, building, repairing, refitting, inventing, experimenting, testing, originating, fabricating, subcontracting, importing, exporting, dealing, assembling, sale of all kind of high precision gears and gearboxes for use in every type of defence and civil systems”.

Adani Rave Gears India was incorporated on March 27 and has a paid-up capital of Rs 1,00,000.

At 1219 hrs, Adani Enterprises was quoting Rs 147.05, up 6.37 percent on the BSE.



First Published on Mar 29, 2019 12:40 pm









































Source

Prakash Poojary
Business Analyst

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