BUZZ-India's Adani Enterprises ends higher on exiting Wilmar JV

Reuters
30 Dec 2024
BUZZ-India's Adani Enterprises ends higher on exiting Wilmar JV

Adds details, updates to closing level

** Shares of Adani Enterprises ADEL.NS closed 7.6% higher at 2,592.4 rupees, its best day in a month

** ADEL top gainer on benchmark Nifty 50 .NSEI, which closed 0.71% down

** Adani Enterprises said on Monday it will exit Adani Wilmar ADAW.NS, its consumer goods joint venture with Singapore's Wilmar International WLIL.SI

** ADEL will sell 13% stake, with the remaining 31% going to Wilmar

** ADAW closed down 0.14%

** Additionally, ADEL's airport in Navi Mumbai will begin commercial ops by May 2025, CEO of co's airports business said on Sunday

** Airports business formed about 10% of ADEL's rev in Q2

** Stock trims YTD losses to ~9%, set for another year of decline

(Reporting by Nandan Mandayam and Ashna Britto in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

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