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Adani Transmission nears record high; stock zooms 62% in one month

The stock rose 5% to Rs 250, extending its 39% rally in past two weeks following an announcement of its addition in MSCI index.

SI Reporter  |  Mumbai 

Odisha eyes long-term power trade with Bangladesh, aims to supply 250 Mw

Shares of moved up by 5% to Rs 250 per share, extending their 39% rally in the past two weeks following the announcement of its addition in index.

The stock was trading close to its all-time high level of Rs 252 touched on January 18, 2018, on the BSE in intra-day trade.

MSCI, which maintains and calculates indices, have added 13 and removed 37 stocks from its Global Small Cap index. The changes in constituents will take place as of the close of November 30, 2018, the said in its semi-annual index review on November 13.

With reference to a significant movement in price, said on Thursday, November 22, that movement in the share price of the company is purely market driven.

In past one month, the stock of Adani Group Company has rallied 62% as compared to a 6.6% rise in the S&P BSE Sensex. is the largest power transmission company in the private sector in India.

On November 3, Adani Transmission announced that it has signed an agreement to buy the entire stake in KEC International’s Rajasthan-based power transmission arm at an enterprise value of Rs 2.28 billion.

“This is acquisition is in sync with the company’s strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities. By the end of FY 2019, the company will have 35 substations with approx. 19,300 MVA of transformation capacity across the country. With this scale of operations, the company will enjoy substantial benefits in terms of cost optimization, shared resources and will fortify its position of being the largest private sector transmission company in the Country,” Adani Transmission said in a press release.

First Published: Tue, November 27 2018. 15:03 IST