 "power, grid, discoms, electricity")
Adani Power shares, on Wednesday, were locked in 5 per cent upper circuit band at an over nine-year high at Rs 106.70, on the BSE in an otherwise weak market. The Adani Group company's shares were quoting higher for the eighth straight trading day. It was trading at its highest level since August 2011.
Thus far in the month of March, the stock of the electric utilities company has zoomed 93 per cent, as compared to 0.57 per cent rise in the S&P BSE Sensex. Till 12:12 pm, a combined 6.9 million shares had changed hands on the counter and there were pending buy orders for 4.3 million shares on the NSE and BSE.
Last week, the Supreme Court had dismissed a review petition filed by power distribution companies (discoms) of Rajasthan on the compensatory tariff issue with Adani Power Rajasthan.
Adani Power informed the stock exchanges on March 18 that the Supreme Court has ruled in its favour by dismissing review petitions filed by Rajasthan distribution companies (discoms) challenging the August last year verdict related to a compensatory tariff.
“In continuation to our earlier disclosures made to you vide our letters dated September 17, 2019 and September 01, 2020, we would like to inform that the Hon'ble Supreme Court ("SC") has dismissed the review petitions filed by Rajasthan Discoms in the matter of the SC Judgment dated August 31, 2020, pertaining to recovery of compensatory tariffs by Adani Power Rajasthan Limited, a wholly owned subsidiary of the Company,” Adani Power said in a regulatory filing.
In September 2020, the apex court had ordered three Rajasthan power distribution companies to pay a compensatory tariff to Adani Power Rajasthan since 2013 to recover the higher cost of imported coal. The SC judgement was in line with an order passed by the Appellate Tribunal of Electricity (APTEL) granting compensatory tariff to Adani Power Rajasthan for its 1,200-megawatt (MW) Kawai thermal power plant.
Meanwhile, during the October-December quarter (Q3FY21), Adani Power, along with the power plants of its subsidiaries, achieved an Average Plant Load Factor ["PLF"] of 75 per cent, and aggregate sales volumes of 19.1 Billion Units ["BU"]. The company had said improvement in PLF was due to higher demand for power under both long term PPAs and in the short term and merchant markets.
