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Adani Power shares jump nearly 9% on buzz of CERC relief

Press Trust of India  |  New Delhi 

of Adani Power surged nearly 9 per cent today amid reports that CERC has granted relief to the company's unit. The stock soared 8.58 per cent to end at Rs 32.90 on During the day, it jumped 11.22 per cent to Rs 33.70. On NSE, it surged 8.59 per cent to close at Rs 32.85. The company's market valuation too went up by Rs 689.42 crore to Rs 12,375.42 crore. On the volume front, 51.85 lakh of the company were traded on and over 3 crore changed hands at during the day. As per media reports, the Central Electricity Regulatory Authority (CERC) has granted Adani Power full compensation for the rise in the cost of electricity generation at its plant at Mundra, due to increased domestic levies on imported coal. Earlier in the day, sought clarification from the company on reports that CERC has granted relief to Adani Power's troubled unit. Later in the day, in a clarification to BSE, the company said, "As per the power purchase agreement with the distribution companies, the company is entitled to claim reimbursement of any increase in taxes as a change in law, which is a part of normal revenue for power sold." This being a routine matter in the normal course of business and hence requires no intimation as per regulation of Sebi, it added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 16 2017. 20:07 IST