Mumbai: Shares of Adani Enterprises rose for the second day gaining nearly 5 percent at close Wednesday after Taiwan-based Foxconn, which makes iPhone, iPad and other Apple products, said that it was in talks with the Adani group firm to set up manufacturing factories in India.
The stock ended 4.61 percent higher at Rs 98.75 on the BSE. In intra-day, it surged 9.11 percent to Rs 103.
At the NSE, the scrip climbed 4.71 percent to settle at Rs 98.90.
On the volume front, 40.38 lakh shares of the company changed hands at the BSE and over one crore shares were traded at the NSE during the day.
In the previous session, the stock had rallied 11 percent. The company's market valuation rose by Rs 1,534.62 crore to Rs 10,860.62 crore in two days.
"Shares of Adani Enterprises surged after market reports that flagship company of Adani group is in talks with Foxconn to form a JV," said Hiren Dhakan, Associate Fund manager, Bonanza Portfolio Ltd.
Foxconn is in talks with billionaire Gautam Adani's group and other Indian firms to set up manufacturing facilities in India.
Foxconn Chairman and CEO Terry Gou, on his second visit to India in 45 days, said yesterday his company was "very keen to invest" in the country and is in talks to strike partnership with local companies.
"We are at the discussion stage only and have not signed any agreement which requires disclosure under Clause 36 of the Listing Agreement," Adani Enterprises had said in a regulatory filing yesterday.
