Adani Power jumps on bargain hunting

Adani Power rose 7.35% to Rs 43.10 at 11:59 IST on BSE on bargain hunting after a recent selloff.

Meanwhile, the S&P BSE Sensex was down 65.35 points, or 0.18% to 35,591.35.

On the BSE, 41.31 lakh shares were traded in the counter so far compared with average daily volumes of 26.72 lakh shares in the past two weeks. The stock had hit a high of Rs 44 and a low of Rs 40 so far during the day. The stock hit a 52-week high of Rs 58.20 on 3 December 2018. The stock hit a 52-week low of Rs 15.20 on 2 July 2018.

Shares of Adani Power slumped 22.94% in two trading sessions to settle at Rs 40.15 yesterday, 28 January 2019, from its close of Rs 52.10 on 24 January 2019.

On a consolidated basis, net profit of Adani Power rose 22.09% to Rs 386.89 crore on 16.60% rise in net sales to Rs 7181.54 crore in Q2 September 2018 over Q2 September 2017.

Adani Power is the largest private thermal power producer in India.

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