Adani Transmission locked at upper circuit on debut

At 10:06 AM, the stock was trading at Rs 27.60 on NSE and at Rs 28.35 on the BSE.

Shares of Adani Enterprises are locked at the upper circuit, up 5% at Rs 27.60, on the National Stock Exchange (NSE) on its first day of listing pursuant to the demerger of the transmission undertaking of Adani Enterprises into the company.

On the Bombay Stock Exchange (BSE), the stock was up 5% at Rs 28.35 after hitting an intra-day low of Rs 25.65.

Till 10:06 AM, a combined 1.37 million shares changed hands and there were pending buy orders for 1.63 million shares on the NSE and BSE.

Adani Transmission, a part of business conglomerate Adani Group, said the equity shares of company are listed and admitted to dealings on the exchange in the list of 'T' group securities with effect from today.

Earlier in January, the board of Adani Enterprises, the holding company of the Adani group, approved a scheme to restructure its businesses and list a group company. The power transmission business will be run by Adani Transmissions, which the group plans to list on the BSE and the NSE.

The shareholders of Adani Enterprises were allotted one equity share of Adani Transmission for each equity share held in Adani Enterprises on the record date.