Shares of Adani Enterprises rose nearly 2 per cent in Tuesday’s trade amid a PTI report suggesting the Supreme Court has dismissed Kerala government’s plea against a decision to lease Thiruvananthapuram airport to Adani Enterprises.
As per the PTI report, a bench observed that Adani Enterprises has been operating the airport since October 2021 and that it sees no reason to entertain the plea.
Following the development, the scrip rose 1.82 per cent to hit a high of Rs 3,270.60 on BSE. With this, scrip is up 89 per cent year-to-date. Adani Enterprises has recently joined the elite Nifty50 club, replacing Shree Cement.
The top court in its order noted that one of the key issues highlighted by the counsel appearing for Kerala was regarding the discussion between the Centre and the state with regard to reservations expressed on behalf of the state government.
Read More: Suzlon bags order from Adani Green Energy; to develop a 48.3 MW wind power project
While referring to the Kerala High Court verdict, the apex court noted that after the discussions, “the Government of Kerala agreed to the condition that it would have right of first refusal in favour of any entity in which Government of Kerala has 25 per cent equity participation on a range of 10 per cent, the PTI report suggested.
“In terms of such understanding, the state owned corporation KSIDC (Kerala State Industrial Development Corporation) was nominated which participated in the bid but unsuccessfully. The bid offered by the successful party (the Adani group company) was Rs 168 per domestic passenger while that offered by KSIDC was Rs 135 per domestic passenger, which was less by almost 20 per cent,” the bench noted while referring to the high court judgement.
