The NBFC arm of Adani Group, Adani Capital will invest Rs 50 crore in PRA Realty’s projects in Pune.
Adani Capital has partnered with PRA Realty to provide capital for its project in Pune, the company said in a statement. This investment will be utilised towards the development of a mixed-use project.
With a focus on wholesale and retail lending, Adani Group has entered into the financial services business.
PRA Realty, promoted by Rustom Bharucha has close to 5 million sq ft currently under development and has delivered over 1 million sq ft. It is one of the fastest growing real estate developers in Pune.
Adani Group stocks on the NSE such as Adani Enterprises, Adani Power and Adani Port & SEZ were trading higher by upto 0.66% at around 0959 hours.
Stock view:
Adani Enterprises Ltd is currently trading at Rs 131.95, up by Rs 0.05 or 0.04% from its previous closing of Rs 131.9 on the BSE.
The scrip opened at Rs 132.9 and has touched a high and low of Rs 132.9 and Rs 131.3 respectively. So far 868698(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 14506.36 crore.
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 160.6 on 18-Apr-2017 and a 52 week low of Rs 58.35 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 133.85 and Rs 129.45 respectively.
The promoters holding in the company stood at 74.92 % while Institutions and Non-Institutions held 20.96 % and 4.12 % respectively.
The stock is currently trading above its 50 DMA.
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