Adani Power reverses 6-day 29.04% rally

Meanwhile, the BSE Sensex was up 43.80 points, or 0.22%, to 20,155.41.

On BSE, 8.41 lakh shares were traded in the counter as against an average daily volume of 12.26 lakh shares in the past one quarter.

The stock hit a high of Rs 61.05 and a low of Rs 58.60 so far during the day. The stock had hit a 52-week high of Rs 70 on 20 December 2012. The stock had hit a 52-week low of Rs 36.80 on 30 August 2012.

The stock had outperformed the market over the past one month till 21 May 2013, rising 27.55% compared with the Sensex's 5.76% rise. The scrip also outperformed the market in past one quarter, advancing 21.18% as against Sensex's 4.07% rise.

The large-cap company has an equity capital of Rs 2393.27 crore. Face value per share is Rs 10.

Shares of Adani Power were on a roll recently, advancing 29.04% in six trading sessions to Rs 60.65 on 21 May 2013 from a recent low of Rs 47 on 13 May 2013. The rally caught momentum after Adani Power after market hours on Monday, 20 May 2013 disclosed that its promoter has released majority of pledged shares lying with a lender.

Adani Power said that more than 22 crore pledged shares of the company have been released by IDBI Trusteeship Services. The shares were released back to the company's promoter, Adani Enterprises.

IDBI Trusteeship Services released 22.31 crore shares pledged shares of Adani Power on 15 May 2013. These shares, accounted for 9.32% shareholding in the company, according to a regulatory filing.

Post the release, IDBI Trusteeship Services held 7.08 crore shares, accounting for 2.96% stake in Adani Power.

Adani Enterprises held 63.99% stake in Adani Power as on 31 March 2013. The total promoter holding in Adani Power stood at 70% as at end March 2013.

Adani Power reported a net loss of Rs 586 crore in Q4 March 2013, higher than net loss of Rs 292 crore in Q4 March 2012. Consolidated total income surged 79% to Rs 1889 crore in Q4 March 2013 over Q4 March 2012.

Adani Power is the largest private thermal power producer in India. It is currently developing six power projects for generating 16,500 megawatt (MW) of power across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. It aims to generate 20,000 MW by 2020.

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