Adani Transmission surged 8.88% to Rs 82.75 at 14:05 IST on BSE, with the stock extending recent gains triggered by the company announcing that it has received letter of intents for three transmission projects in Rajasthan.
The stock has jumped 28.59% in four sessions to its current ruling price of Rs 82.75, from its close of Rs 64.35 on 31 March 2017.
Meanwhile, the S&P BSE Sensex was down 60.86 points or 0.20% at 29,866.48. The S&P BSE Mid-Cap index was up 89.61 points or 0.61% at 14,840.58.
High volumes were witnessed on the counter. On the BSE, 8.3 lakh shares were traded in the counter so far as against average daily volume of 1.83 lakh shares in the past one quarter. The stock had hit a high of Rs 83.25 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 74.65 so far during the day. The stock had hit a 52-week low of Rs 28.35 on 20 May 2016.
The stock had outperformed the market over the past one month till 6 April 2017, gaining 21.41% compared with Sensex's 3.03% gains. The scrip had also outperformed the market in past one quarter, jumping 32.87% as against Sensex's 11.84% rise.
The mid-cap company has equity capital of Rs 1099.81 crore. Face value per share is Rs 10.
Adani Transmission (ATL) had jumped 6.06% to Rs 68.25 on 3 April 2017 after the company said that it has received the 3 letter of intents from RVPN (Rajasthan Rajya Vidyut Prasaran Nigam Limited) to construct, own, operate and maintain three transmission projects in the state of Rajasthan. The projects namely Hadoti Transmission Company (PPP-8), Barmer Transmission Company (PPP 9), and Thar Transmission Company (PPP-10) collectively have approximately 350 circuit kilometers (ckt kms) of lines and 16 substations with transformation capacity of approx. 600 MVA at voltage level of 132/220 KV. The announcement was made during market hours on 3 April 2017.
With these projects, ATL will strengthen its existent significant presence in Rajasthan with 2 operational transmission projects (i.e. Aravali & Maru transmission company) and Suratgarh Bikaner project, which is under construction, it had said.
With the completion of all the ongoing projects and acquisition of Reliance Infrastructure's operational transmission assets along with these three projects, the network of ATL is expected to surpass 11000 ckt kms, ATL had added.
Adani Transmission's consolidated net profit jumped 32.8% to Rs 99.28 crore on 38.5% rise in net sales to Rs 729.22 crore in Q3 December 2016 over Q3 December 2015.
Adani Transmission is into power transmission business and is a part of business conglomerate Adani Group.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
