Global trading company Adani Enterprises showed a near 30 per cent rise in revenues for the quarter ending September 2006 and a 58 per cent rise in net profit.
Formerly Adani Exports Limited, this is a diversified company dealing in agro-products, coal, textiles, fertilisers, steel, marine and petrochemical products.
On the technical charts the stock has been volatile but is poised for growth. The scrip had declined to Rs 31 in January 2004 but strong support from the 34-week EMA (Exponential Moving Average) prevented further slide.
The stock resumed its uptrend from here and rallied to an intra-week high of Rs 85.65 during the week ended December 3, 2004 to enter a corrective phase. This corrective phase sustained for a long time and the stock stagnated for over a year.
It finally picked up momentum in March 2006 from its year's low of Rs 47 and rose to peak at a high of Rs 199 by June 2. Adani then slipped to Rs 105 levels but smartly rose to Rs 235 levels soon.
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Text: Hemen Kapadia & Salil Panchal/ Morpheus Inc.
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