Adani Transmission reverses recent rally

Adani Transmission dropped 2.51% to Rs 91.40 at 11:03 IST on BSE, as profit booking emerged after the stock surged over 45% in the previous five trading sessions.

Meanwhile, the S&P BSE Sensex was up 177.64 points or 0.6% at 29,753.88. The S&P BSE Mid-Cap index was up 101.82 points or 0.71% at 14,424.11

On the BSE, 4.48 lakh shares were traded in the counter so far as against average daily volume of 2.24 lakh shares in the past one quarter. The stock had hit a high of Rs 95.50 and a low of Rs 90 so far during the day. The stock had hit a record high of Rs 96 yesterday, 10 April 2017. The stock had hit a 52-week low of Rs 28.35 on 20 May 2016.

The stock had outperformed the market over the past one month till 10 April 2017, rising 50.84% compared with 2.17% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 58.5% as against Sensex's 9.95% rise.

The large-cap company has equity capital of Rs 1099.81 crore. Face value per share is Rs 10.

Shares of Adani Transmission were on a roll recently surging 45.69% in five trading sessions to settle at Rs 93.75 yesterday, 10 April 2017 from its close of Rs 64.35 on 31 March 2017. The gains were triggered after the company announced that it has received letter of intents for three transmission projects in Rajasthan.

The stock had jumped 6.06% to Rs 68.25 on 3 April 2017 after the company said that it has received three letter of intents from RVPN (Rajasthan Rajya Vidyut Prasaran Nigam) to construct, own, operate and maintain three transmission projects in Rajasthan. The projects namely Hadoti Transmission Company (PPP-8), Barmer Transmission Company (PPP 9), and Thar Transmission Company (PPP-10) collectively have approximately 350 circuit kilometers (ckt kms) of lines and 16 substations with transformation capacity of approx. 600 MVA at voltage level of 132/220 KV. The announcement was made during market hours on 3 April 2017.

Adani Transmission's consolidated net profit jumped 32.8% to Rs 99.28 crore on 38.5% rise in net sales to Rs 729.22 crore in Q3 December 2016 over Q3 December 2015.

Adani Transmission is into power transmission business and is a part of business conglomerate Adani Group.

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