 "Adani, ADAG Group stocks in focus; Adani Transmission hits record high")
Shares of Gautam Adani-led Adani Group and Anil Dhirubhai Ambani (ADAG) Group companies were in focus for the second straight day and rallied by upto 10% in early morning trade on the BSE.
Adani Transmission, Adani Power, Adani Enterprises, Adani Ports and Special Economic Zone from the Adani Group were up in the range of 1% to 10%. Reliance Infrastructure (RInfra), Reliance Capital, Reliance Communications, Reliance Home Finance, Reliance Power, Reliance Nippon Life Asset Management and Reliance Naval and Engineering from the ADAG Group up between 1% and 8% on the BSE in intra-day trade.
Adani Transmission on Thursday announced signing of a binding agreement with RInfra for buying the latter’s 100% stake in the Mumbai power business. READ REPORT HERE
For Adani Transmission, the deal marks its entry into the power distribution business and access to the Mumbai distribution circle makes it a significant player in India’s private power distribution space.
“RInfra will utilise the proceeds of this transaction entirely to reduce its debt, becoming debt-free, and up to Rs 3,000 crore cash surplus,” the company said in a statement.
Adani Transmission hit a record high of Rs 248, up 10% in intra-day trade, extending its previous day’s 10% rally on the BSE. RInfra surged 8% to Rs 544, extending its 14% gain in past two trading sessions.
Adani Transmission, Adani Power, Adani Enterprises, Adani Ports and Special Economic Zone from the Adani Group were up in the range of 1% to 10%. Reliance Infrastructure (RInfra), Reliance Capital, Reliance Communications, Reliance Home Finance, Reliance Power, Reliance Nippon Life Asset Management and Reliance Naval and Engineering from the ADAG Group up between 1% and 8% on the BSE in intra-day trade.
Adani Transmission on Thursday announced signing of a binding agreement with RInfra for buying the latter’s 100% stake in the Mumbai power business. READ REPORT HERE
For Adani Transmission, the deal marks its entry into the power distribution business and access to the Mumbai distribution circle makes it a significant player in India’s private power distribution space.
“RInfra will utilise the proceeds of this transaction entirely to reduce its debt, becoming debt-free, and up to Rs 3,000 crore cash surplus,” the company said in a statement.
Adani Transmission hit a record high of Rs 248, up 10% in intra-day trade, extending its previous day’s 10% rally on the BSE. RInfra surged 8% to Rs 544, extending its 14% gain in past two trading sessions.
| COMPANY | LATEST | PREV CLOSE | GAIN(%) |
| ADANI TRANSMISSI | 242.05 | 225.25 | 7.5 |
| ADANI POWER | 39.05 | 36.40 | 7.3 |
| RELIANCE INFRA. | 527.35 | 504.00 | 4.6 |
| RELIANCE CAPITAL | 491.65 | 479.35 | 2.6 |
| RELIANCE NIP.LIF | 286.25 | 280.75 | 2.0 |
| RELIANCE POWER | 40.90 | 40.30 | 1.5 |
| ADANI ENTERP. | 165.05 | 162.65 | 1.5 |
| RELIANCE NAV.ENG | 40.00 | 39.60 | 1.0 |
| ADANI PORTS | 406.80 | 403.45 | 0.8 |
| RELIANCE HOME | 89.15 | 88.45 | 0.8 |
| REL. COMM. | 18.06 | 17.97 | 0.5 |
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