Adani Power jumps after incorporating a wholly owned subsidiary

Adani Power jumped 8.36% to Rs 30.45 at 13:05 IST on BSE after the company said that it has incorporated a wholly owned subsidiary company, Adani Power (Jharkhand).

The company made the announcement during market hours today, 21 December 2015.

Meanwhile, the S&P BSE Sensex was up 167.13 points or 0.65% at 25,676.51.

More than usual volumes were witnessed on the counter. On BSE, so far 15.49 lakh shares were traded in the counter as against average daily volume of 11.83 lakh shares in the past one quarter.

The stock hit high of Rs 31.20 and low of Rs 28 so far during the day. The stock had hit a 52-week high of Rs 60 on 5 March 2015. The stock had hit a 52-week low of Rs 19.65 on 25 August 2015.

The stock had outperformed the market over the past one month till 18 December 2015, rising 0.72% compared with 0.14% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 19.07% as against Sensex's 2.67% fall.

The large-cap company has equity capital of Rs 2935.84 crore. Face value per share is Rs 10.

Adani Power said that Adani Power (Jharkhand) (APJL) was registered with the Registrar of Companies, at Ahmedabad in Gujarat on 18 December 2015. The subsidiary has a paid up capital of Rs 5 lakhs. APJL's business is into power sector.

On consolidated basis, Adani Power reported net loss of Rs 369.08 crore in Q2 September 2015 compared with net loss of Rs 798.71 crore in Q2 September 2014. Adani Power's net sales rose 38.7% to Rs 5743.26 crore in Q2 September 2015 over Q2 September 2014.

Adani Power is a power business of Adani Group.

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