Adani Transmission corrects on profit booking

Adani Transmission fell 3.23% to Rs 228 at 11:17 IST on BSE on profit booking after a recent rally.

Meanwhile, the S&P BSE Sensex was down 16.66 points, or 0.05% to 33,923.64.

On the BSE, 98,000 shares were traded in the counter so far, compared with average daily volumes of 1.81 lakh shares in the past two weeks. The stock had hit a high of Rs 238 and a low of Rs 223.35 so far during the day. The stock hit a record high of Rs 247.75 on 22 December 2017. The stock hit a 52-week low of Rs 51.10 on 27 December 2016.

Shares of Adani Transmission rose 16.09% in four trading sessions to settle at Rs 235.60 on Friday, 22 December 2017, from its close of Rs 202.95 on 18 December 2017.

On 21 December 2017, Adani Transmission announced that it signed binding sales and purchase agreement (SPA) with Reliance Infrastructure (R-Infra) to acquire integrated business of generation, transmission, distribution and retail of power for Mumbai city. Adani Transmission valued the business at a total consideration of Rs 12101 crore. In addition the regulatory assets approved to the extent of Rs 1150 crore for the period 1 April 2018 to 31 March 2019 will be to the account of the seller.

On a consolidated basis, net profit of Adani Transmission declined 33% to Rs 66.69 crore on 9.28% rise in net sales to Rs 746.03 crore in Q2 September 2017 over Q2 September 2016.

Adani Transmission is the transmission business arm of the Indian business conglomerate - Adani Group.

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