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Adani Enterprises arm acquires stake in Alpha Design Tech, Stock down

Indian multinational conglomerate Adani Enterprises Limited on Thursday announced acquisition of Alpha Design Technologies Private Ltd for Rs 400 crore in an all-cash deal.

Accordingly, Adani Defence Systems & Technologies Ltd – a wholly owned subsidiary of Adani Enterprises Ltd has acquired stake in Alpha Design Technologies for Rs 400 crore.

Looking to the stock movements of Adani Enterprises Limited, it seems that investors were not inspired with this development, as the share movement of Adani Enterprises Limited is not in a positive circuit.

Adani Enterprises Limited stock trades lower by 0.13 percent at Rs. 155.80 per share, post morning hours of trade on the NSE, whose benchmark index Nifty continue flat at 10795 levels, just up 3 percent, while BSE sensitive index up at 15 points at 35944 levels.