(Bloomberg) -- Billionaire Gautam Adani's flagship firm is set for another bout of scrutiny on Thursday when it reports earnings for the latest quarter as its stock overcomes recent weakness to recoup record levels.
Shares of Adani Enterprises Ltd., which have been investor darlings for years now, are just 7% away from a record level reached in September. The stock opened lower on Wednesday after a 6.8% rally in the previous session. It has more than doubled this year.
The flagship firm has been expanding its presence in various new businesses including airports and agri logistics and is looking to raise at least $10 billion in new debt, Bloomberg News reported last month.
“Shares of Adani Enterprises are running up as investors are accumulating in expectation of stellar results and a robust outlook for the company,” said Kranthi Bathini, a director at Mumbai-based WealthMills Securities. “They will also be looking out for commentary on investment and debt raising plans.”
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Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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