India's Adani Enterprises ends higher on exiting Wilmar JV

Wilmar International

30/12/2024 10:19

(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;))