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Adani Transmission rallies for 12th straight day; stock zooms 67%

The stock up 5% at Rs 213, extending its past two days 15% gain, after the company said RInfra entered into exclusive talks with the company for selling its Mumbai power business.

SI Reporter  |  Mumbai 

Adani Transmission up for the 12th straight trading days; stock zooms 67%

is locked in upper circuit of 5% at Rs 213, extending its 15% gain of the last two trading sessions on the BSE, after the company said (RInfra) entered into exclusive talks with the company for selling its Mumbai power business.

The stock of electric utilities company was trading at its record high price, gaining for the 12th straight trading session. Since September 26, it appreciated by 67% from Rs 127, as compared to 1% gain in the benchmark S&P BSE Sensex.

The BSE and NSE with effect from today, October 12, 2017, revised price band of the stock to 5% from 10%. Till 01:41 PM; a combined 2.1 million shares changed hands and there were pending buy orders for 352,067 shares on both the exchanges.

said in a BSE filing on Tuesday, October 10, 2017 that the company has entered into a period of exclusivity until January 15, 2018 in relation to discussions for the proposed sale of its integrated business of generation, transmission and distribution of power for Mumbai city to

Moody's Investors Service says that (ATL’s) Baa3 senior secured rating is not immediately affected by its announcement that it has entered into a period of exclusivity with in relation to discussions for a proposed acquisition of certain power generation, transmission and distribution assets of Reliance.

A proposed acquisition is subject to several conditions, including satisfactory due diligence, execution of documentation and certain approvals.

"The ultimate impact on ATL's credit profile would depend upon a number of factors, including the ultimate terms of any deal and potential impact on ATL's financial profile and capital structure, and our assessment of Reliance's assets and potential capital requirements" says Abhishek Tyagi, a Moody's Vice President and Senior Analyst.

First Published: Thu, October 12 2017. 13:46 IST
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