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Adani Transmission hits record high

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Adani Transmission rose 4.89% to Rs 202.70 at 15:18 on after the company said that has assigned [ICRA]A+ rating for the commercial paper programme of Rs 1000 crore of the company.

The announcement was made during market hours today, 11 October 2017.

Meanwhile, the S&P Sensex was down 91.16 points or 0.29% at 31,833.25.

On the BSE, 4.96 lakh shares were traded on the counter so far as against the average daily volumes of 1.24 lakh shares in the past one quarter. The stock had hit a high of Rs 211.70 so far during the day, which is a record high. The stock hit a low of Rs 195.55 so far during the day. The stock had hit a 52-week low of Rs 40 on 9 November 2016.

The stock had outperformed the market over the past one month till 10 October 2017, advancing 46.68% compared with the Sensex's 0.75% rise. The stock had also outperformed the market over the past one quarter, surging 50.62% as against the Sensex's 0.66% rise. The scrip had also outperformed the market over the past one year, rallying 354.17% as against the Sensex's 13.68% rise.

The large-cap company has equity capital of Rs 1099.81 crore. Face value per share is Rs 10.

Shares of Adani Transmission (ATL) had rallied 10% to settle at Rs 193.25 yesterday, 10 October 2017 after the company announced that it has entered into a period of exclusivity with RInfra until 15 January 2018 in relation to discussions for the proposed acquisition of the integrated business of generation, transmission and distribution of power for Mumbai city from Reliance Infrastructure (RInfra).

The proposed transaction is subject to confirmatory diligence, definitive documentation, and customary approvals. Accordingly, there can be no certainty that a transaction will result, ATL said in a statement. The proposed transaction would further strengthen ATL's footprint in power transmission sector while marking its maiden foray into the power distribution sector.

On a consolidated basis, net profit of Adani Transmission declined 31.5% to Rs 84.10 crore on 3.6% decline in net sales to Rs 609.32 crore in Q1 June 2017 over Q1 June 2016.

Adani Transmission is into power transmission business and is a part of business conglomerate Adani Group.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 11 2017. 15:17 IST