The ropeway project will cut the 8–9 hour trek to Kedarnath to just 36 minutes, with the capacity to carry 1,800 passengers per hour in each direction once completed.
Shares of Adani Enterprises rose on Tuesday after the company said it had received a Letter of Award (LoA) from National Highways Logistics Management (NHLML) to develop a ropeway project connecting Sonprayag to Kedarnath.
In a filing to the stock exchanges on Monday, after market hours, the company said it will invest ₹4,081 crore in the 12.9 km ropeway, which will be developed under its Roads, Metro, Rail, and Water (RMRW) division.
Project Details
The project is part of the Centre’s National Ropeways Development Programme – Parvatmala Pariyojana and will be built under the public-private partnership (PPP) model on a revenue-share basis with NHLML.
Once operational, the ropeway will reduce the current 8–9 hour trek to just 36 minutes, with a capacity to transport 1,800 passengers per hour in each direction.
Kedarnath attracts nearly 20 lakh pilgrims annually, and the company said the project is expected to take six years to complete, after which Adani Enterprises will operate it for 29 years.
Technical View
SEBI-registered analyst Prabhat Mittal noted that Adani Enterprises made a high of ₹3,743 on June 3, 2024, before correcting to a low of ₹2,025 on Nov. 22, 2024.
The analyst observed that the shares have been trading sideways between 2,000 and 2,600 on the short-term chart. He said it is trading above the 20-day moving average (DMA) and is at key levels — the 50-DMA at ₹2,413, the 100-DMA at ₹2,451, and the 200-DMA at ₹2,402.
Mittal said the ₹2,400–₹2,450 range is a hurdle for the stock at this stage. He added that traders can wait to buy the stock at ₹2,150 to ₹2,200, with a strict stop-loss below ₹2,000, targeting ₹2,450 and ₹2,600.
What Is The Retail Mood?
On Stocktwits, retail sentiment was ‘bearish’ amid ‘normal’ message volume.
Adani Enterprises’ stock has declined 6.2% so far in 2025.
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