Adani Power rose 1.68% to Rs 57.50 at 10:30 IST on BSE after the company won the Jitpur coal mine in Jharkhand by submitting a closing bid of Rs 302 per tonne.
The results of ongoing e-Auction for Schedule III coal mines was announced by the Ministry of Coal on 4 March 2015.
Meanwhile, the BSE Sensex was up 59.29 points, or 0.2%, to 29,440.02.
On BSE, so far 7.08 lakh shares were traded in the counter, compared with an average volume of 11.43 lakh shares in the past one quarter.
The stock hit a high of Rs 58.55 and a low of Rs 56.65 so far during the day. The stock hit a 52-week high of Rs 68.50 on 26 May 2014. The stock hit a 52-week low of Rs 34.80 on 4 March 2014.
The stock had outperformed the market over the past one month till 4 March 2015, rising 13.33% compared with 1.72% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 26.79% as against Sensex's 2.86% rise.
The large-cap power company has an equity capital of Rs 2871.92 crore. Face value per share is Rs 10.
Adani Power won the Jitpur coal block in Jharkhand by submitting a closing bid of Rs 302 per tonne, according to the results of e-Auction for Schedule III coal mines announced by the Ministry of Coal on 4 March 2015. Initially reverse and later forward method of e-auction was used for the said coal mine. Jitpur coal block has end use in producing power.
Separately, Adani Power (APL), a subsidiary of Adani Enterprises signed a definitive share purchase agreement for acquisition of 100% shares of Korba West Power Co. (KWPCL) from Avantha Power & Infrastructure for which a binding term sheet was signed on 24 November 2014. KWPCL owns a completed 600 megawatt (MW) coal based power plant at Korba and an expansion phase, which is in progress. APL expects the transaction to be completed by 30 June 2015 subject to receipt of all requisite approvals from the various authorities.
The enterprise value of this deal would be around Rs 4225 crore, which would be paid by combination of acquisition debt and cash. Adani Power is India's largest private sector power generation company with a current operational capacity of 9,240 MW, comprising of 4,620 MW at Mundra in Gujarat, 3,300 MW at Tiroda in Maharashtra and 1,320 MW at Kawai in Rajasthan. The acquisition of 1200 MW Udupi power plant which is likely to achieve closing shortly and along with WPCL, the installed thermal power generation capacity of APL will increase to 11,040 MW.
Adani Power reported consolidated net loss of Rs 428.68 crore in Q3 December 2014 compared with consolidated net loss of Rs 544.82 crore in Q3 December 2013. Total income rose 30.5% to Rs 5535.46 crore in Q3 December 2014 over Q3 December 2013.
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