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    512599   INE423A01024

ADANI ENTERPRISES LIMITED

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Glass Lewis recommends vote against Adani director over Australian project

07/06/2021 | 02:55am EDT
FILE PHOTO: The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad

MELBOURNE (Reuters) -Proxy advisory firm Glass Lewis has recommended shareholders in Adani Enterprises Ltd vote out a member of the board's risk committee.

Glass Lewis said it was making the recommendation after an Australian court in August found that Adani Abbot Point Terminal Pty Ltd, a coal export terminal in the state of Queensland, engaged in monopolistic business practices. It awarded four companies that used the terminal a combined A$107 million ($80.7 million).

An Adani spokesperson said, however, that the Abbot Point Terminal was a separate company, and was not part of Adani Enterprises. The port operator is owned by Adani Ports and Special Economic Zone Ltd.

The nominee, Pranav Adani, is the sole member of the Adani Enterprises' risk committee up for re-election at its annual general meeting on July 12.

Adani Enterprises' Australian unit, Bravus Mining & Resources, is developing the Carmichael mine in Queensland to sell thermal coal to India - a controversial project due to concerns about global warming. The coal will be transported via the Abbot Point Terminal.

($1 = 1.3259 Australian dollars)

(Reporting by Melanie Burton; Editing by Edwina Gibbs)


ę Reuters 2021
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Analyst Recommendations on ADANI ENTERPRISES LIMITED
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Financials
Sales 2022 463 B 6 268 M 6 268 M
Net income 2022 14 581 M 197 M 197 M
Net Debt 2022 - - -
P/E ratio 2022 115x
Yield 2022 -
Capitalization 1 683 B 22 785 M 22 782 M
Capi. / Sales 2022 3,63x
Capi. / Sales 2023 3,25x
Nbr of Employees 790
Free-Float 81,0%
Chart ADANI ENTERPRISES LIMITED
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Adani Enterprises Limited Technical Analysis Chart | 512599 | INE423A01024 | MarketScreener
Technical analysis trends ADANI ENTERPRISES LIMITED
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 1 530,00 INR
Average target price 1 269,00 INR
Spread / Average Target -17,1%
EPS Revisions
Managers and Directors
Rajesh Shantilal Adani Managing Director & Executive Director
Jugeshinder Singh Chief Financial Officer
Gautambhai Shantilal Adani Executive Chairman
Jatin R. Jalundhwala Secretary & Joint President-Legal
Hemant Madhusudan Nerurkar Independent Non-Executive Director
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