 "Adani Transmission nears record high; stock zooms 62% in one month")
Shares of Adani Transmission moved up by 5% to Rs 250 per share, extending their 39% rally in the past two weeks following the announcement of its addition in MSCI index.
The stock was trading close to its all-time high level of Rs 252 touched on January 18, 2018, on the BSE in intra-day trade.
MSCI, which maintains and calculates indices, have added 13 and removed 37 stocks from its MSCI Global Small Cap index. The changes in constituents will take place as of the close of November 30, 2018, the MSCI said in its semi-annual index review on November 13.
With reference to a significant movement in price, Adani Transmission said on Thursday, November 22, that movement in the share price of the company is purely market driven.
In past one month, the stock of Adani Group Company has rallied 62% as compared to a 6.6% rise in the S&P BSE Sensex. Adani Transmission is the largest power transmission company in the private sector in India.
On November 3, Adani Transmission announced that it has signed an agreement to buy the entire stake in KEC International’s Rajasthan-based power transmission arm at an enterprise value of Rs 2.28 billion.
“This is acquisition is in sync with the company’s strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities. By the end of FY 2019, the company will have 35 substations with approx. 19,300 MVA of transformation capacity across the country. With this scale of operations, the company will enjoy substantial benefits in terms of cost optimization, shared resources and will fortify its position of being the largest private sector transmission company in the Country,” Adani Transmission said in a press release.
The stock was trading close to its all-time high level of Rs 252 touched on January 18, 2018, on the BSE in intra-day trade.
MSCI, which maintains and calculates indices, have added 13 and removed 37 stocks from its MSCI Global Small Cap index. The changes in constituents will take place as of the close of November 30, 2018, the MSCI said in its semi-annual index review on November 13.
With reference to a significant movement in price, Adani Transmission said on Thursday, November 22, that movement in the share price of the company is purely market driven.
In past one month, the stock of Adani Group Company has rallied 62% as compared to a 6.6% rise in the S&P BSE Sensex. Adani Transmission is the largest power transmission company in the private sector in India.
On November 3, Adani Transmission announced that it has signed an agreement to buy the entire stake in KEC International’s Rajasthan-based power transmission arm at an enterprise value of Rs 2.28 billion.
“This is acquisition is in sync with the company’s strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities. By the end of FY 2019, the company will have 35 substations with approx. 19,300 MVA of transformation capacity across the country. With this scale of operations, the company will enjoy substantial benefits in terms of cost optimization, shared resources and will fortify its position of being the largest private sector transmission company in the Country,” Adani Transmission said in a press release.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%