Adani Power slips 5% in early trade, recovers later; check all key details

Adani Power shares slipped 5 per cent in morning deals, logging an intra-day low at ₹602.5 per share; but took a U-turn later; here's why

Adani Power shares slipped 4.8 per cent on Thursday and logged an intra-day low at ₹602.5 per share on BSE. However, at 9:21 AM, Adani Power’s share price recovered and was trading 1.06 per cent higher at ₹640.15 on BSE. In comparison, the BSE Sensex was up 0.17 per cent at 81,562.73.

 

The market capitalisation of the company stood at ₹2,41,965.06 crore. The 52-week high of the stock was at ₹681.3 per share, and the 52-week low was at ₹430.85.

Why were Adani Power shares falling?

The selling pressure on the counter came after 37.1 million or 1 per cent equity shares changed hands through a block deal, according to data compiled by Bloomberg. Buyers and sellers of the transactions were not known. 

 

That apart, according to the BSE shareholding pattern, as of the June quarter, promoters held a total of 74.96 per cent stake in the company. Among other promoter entities, Gautambhai Shantilal Adani and Rajeshbhai Shantilal Adani (on behalf of S. B. Adani Family Trust) held the maximum holding of 36.86 per cent. 

 

Among public shareholders, Quant Mutual Fund-Quant ELSS Tax Saver Fund held 1.39 per cent stake and foreign shareholding stood at 12.46 per cent. 

Adani Power order win 

Adani Power received an additional Letter of Award (LoA) from MP Power Management Company Limited (MPPMCL) for the supply of 800 megawatt (MW) power under the greenshoe option, the company said in a filing.

 

The capacity will be supplied from a new 800 MW ultra-supercritical thermal power project in Anuppur District, Madhya Pradesh. This is in addition to the earlier LoA of 800 MW received on August 29, taking the total awarded capacity from MPPMCL to 1,600 MW.

 

Adani Power will invest around ₹21,000 crore towards setting up the plant and related infrastructure. The project is expected to generate direct and indirect employment of around 9,000-10,000 during the construction phase and at least 2,000 once in operation.

 

The company said that both units will be implemented under the design, build, finance, own, and operate (DBFOO) model, at a tariff of ₹5.838/kWh. The project will utilise coal linkage allocated under the Government of India’s SHAKTI Policy.

 

Commenting on the project, S B Khyalia, chief executive, Adani Power, said: “We are delighted to strengthen our partnership with MP. This reinforces our commitment to provide reliable, affordable, and sustainable power to the state and its people while supporting India’s energy security and economic growth.”