Business

Adani Enterprises up 6% After Report on Interest in Rebuilding New Delhi Railway Station

The Rail Land Development Authority has invited online bids from private players to redevelop the station into an integrated commercial, retail and hospitality hub.

Shares of Adani Enterprises rallied 6% to Rs 302 in the early morning trade on the BSE on Wednesday on report that the company is keen on rebuilding New Delhi railway station. The stock of Gautam Adani-led Company hit a 52-week high of Rs 322.65 on August 25, 2020.

The Rail Land Development Authority (RLDA) has invited online bids from private players to redevelop the station into an integrated commercial, retail, and hospitality hub. RLDA is currently working on 62 stations in a phased manner, while its subsidiary, Indian Railway Stations Development Corporation, has taken up another 61 stations. In the first phase, RLDA has prioritised prominent stations like New Delhi, Tirupati, Dehradun, Nellore and Puducherry for redevelopment.

According to a Business Standard report, at least 20 national and international firms, including Société Nationale des Chemins de Fer Français, Arabian Construction Company, Anchorage Infrastructure Investments Holdings, Adani, GMR, and JKB Infrastructure, have evinced an interest in the redevelopment work of New Delhi railway station.

Last month, Adani Airports, a subsidiary of Adani Enterprises, acquired a 74% stake in Mumbai International Airport Limited (MIAL), which operates India’s second-largest airport.

Adani Enterprises is a holding company. The company is an integrated infrastructure company with businesses spanning coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation, and transmission and gas distribution. Its segments include trading, power, port, agro, mining, city gas distribution (CGD), renewable energy and others.

At 10:27 am, Adani Enterprises was trading 4.4% higher at Rs 298 on the BSE, as compared to 0.30% rise in the S&P BSE Sensex. A combined 3.2 million equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.

By arrangement with Business Standard.