Adani Enterprises up 3% after subsidiary incorporates new company in Macau

The Adani Enterprises stock jumped around 3 percent in the morning on November 21 after its step-down subsidiary, Mumbai Travel Retail Pvt, incorporated its wholly-owned subsidiary, MTRPL Macau.

According to Adani Enterprises’ regulatory filing, the company has been incorporated for bidding for duty-free liquor and tobacco shops at Macau International Airport.

Mumbai Travel Retail holds 100 percent of the share capital of MTRPL Macau and has an authorised share capital of MOP $25,000 (about Rs 2.5 lakh). The registration process for MML was completed on November 20, Adani Enterprises said in the filing. The new company adds to Adani Group’s diverse portfolio.

At 10.19 am, Adani Enterprises was trading at Rs 2,213 on the National Stock Exchange, 2.9 percent higher from the previous close. The stock has plunged 42 percent this year, underperforming the benchmark Nifty, which gained more than 8 percent during the period.

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An application has been filed in the Supreme Court against the Securities and Exchange Board of India (Sebi) regarding the delay in the completion of its investigation in the Adani-Hinderburg matter.

The applicant has sought contempt proceedings against the capital market regulator for not complying with the timeline framed by the apex court.

The Supreme Court had set August 14, 2023 as the deadline for SEBI to submit the report on the allegations of stock manipulation and other wrongdoings by US-based Hindenburg Research against the Adani Group, which denied the charges. The regulator told the court that it had completed the probe into all but two allegations against the conglomerate.

The shortseller’s report in late January triggered crash in the stock prices of several Adani group companies even though the power-to-port conglomerate denied the charges. Stock prices have since been recovering.

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