Adani Power hits 52-week high post Q2 results; stock soars 45% in one week

The stock hit a 52-week high of Rs 47.85, more than doubled from Rs 23.85 as on September 28, 2018, against 5% decline in the Sensex.

Shares of Adani Power hit a 52-week high of Rs 47.85 per share, up 4% on the BSE, after Adani Group company posted 22% year-on-year (Y-o-Y) growth in its consolidated net profit at Rs 3.87 billion in September quarter.

It had posted a profit of Rs 3.17 billion in the same quarter last year. The electric utility company had a net loss of Rs 8.25 billion in the previous quarter.

The company’s consolidated total income grew 19% Y-o-Y to Rs 76.57 billion mainly due to additional revenue recognition on account of change in law compensation for domestic coal