Page 9 - Adani Power

Gujarat govt paid Rs 8,200 cr in excess to Adani Power, says Congress

The Congress on Tuesday alleged the Gujarat government has paid Rs 8,200 crore in excess to Adani Power towards electricity purchase charges in two years which it dubbed "favouritism", a claim dismissed by the power minister who cited the rise in coal purchase cost. The Congress also demanded that the government recover the "additional Rs 8,265 crore" from Adani and invest it in increasing the capacity of state-run power generators. During Question Hour of the budget session of the Assembly, Congress MLA Tushar Chaudhary sought to know the rates at which the government purchased electricity from Adani Power Ltd during 2022 and 2023. In his reply, Power Minister Kanubhai Desai said electricity is purchased as per the "merit order" system which was introduced by the former Congress-led UPA government. "The state government had entered into an agreement with Adani Power in 2007 to purchase power at Rs 2.89 per unit under bid-1 and at Rs 2.35 per unit under bid-2 for 25 years. Such pow

CRISIL upgrades rating on Adani Power's bank loan facilities to 'AA-'

Crisil Ratings has upgraded its ratings on Adani Power's Rs 38,000 crore of bank loan facilities to 'AA-', saying the business and financial risk profile of the company has seen "strong improvement". The loan facilities were rated 'A' with a stable outlook earlier. "The rating upgrade follows the strong improvement in the business and financial risk profiles of APL," Crisil Ratings said in a report. The upgradation is driven by better-than-expected operating performance backed by timely commissioning and ramp-up of the Godda power plant (1.6 GW), Mahan power plant (1.2 GW), full recovery of pending regulatory dues related to claims for fuel costs as pass-through under change in law clauses of existing power purchase agreements (PPAs) and continued improvement in receivables, it said. "The rating also factors in the completion of most of the regulatory investigations into Adani Group. Regulatory investigations in two remaining allegations are underway and are expected to be complete

Adani Ports, Power: Charts suggest up to 23% upside for these Adani stocks

Over the last one year, select Adani Group stocks such as Adani Power, Adani Green, Adani Enterprises and Adani Ports have zoomed up to 300 per cent from their February 2023 lows.

Stocks to watch on Jan 29: HDFC Bank, SBI Cards, Adani Power, Coal India

Stocks to watch on January 29, 2024: Investor focus this week remains on the US Fed's rate outcome on Jan 31 and the interim budget back home on Feb 1

Adani Power Q3 results: Net profit surges to Rs 2,738 cr as volumes swell

In Q3FY24, Adani Power reported a consolidated net profit of Rs 2,738 crore, up from a profit of Rs 9 crore reported in the same period a year ago

Adani Power inks pact to sell stake in 2 arms to AdaniConnex for Rs 540 cr

Adani Power on Thursday said it has inked an initial pact to sell 100 per cent equity in its two arms Aviceda Infra Park and Innovant Buildwell to AdaniConnex for Rs 540 crore. "Adani Power has entered into a Memorandum of Understanding (MOU) to sell its 100 per cent equity stake in its two wholly-owned subsidiaries i.e. Aviceda Infra Park Ltd (AIPL); and Innovant Buildwell Private Ltd (IBPL) to AdaniConnex Private Ltd (ACX)," a BSE filing said. Consequently, the AIPL and IBPL will cease to be wholly-owned subsidiaries upon completion of the sale, it added. The filing showed that the AIPL and IBPL are being sold for a consideration of Rs 190 crore and Rs 350 crore, respectively. AdaniConnex Private Ltd (ACX) is a 50:50 joint venture between Adani Enterprises, which is a promoter group company, and EdgeConneX. It is engaged in the business of developing world-class data centres and providing co-location hosting and ancillary services, including managed services, remote hands and fe

Adani Power Q3 results: Net profit rises multi-fold to Rs 2,738 crore

Adani Power on Thursday posted a multi-fold increase in its consolidated net profit to Rs 2,738 crore for the December quarter compared to the year-ago period driven by higher revenues. The company had reported a profit of Rs 9 crore in the third quarter of 2022-23. Total income rose to Rs 13,355 crore in the quarter from Rs 8,290 crore in the same period a year ago, a company statement said. "Adani Power continues to demonstrate its leadership across domains by achieving ever higher standards of excellence, as evidenced by the financial results for the third quarter of FY 2023-24," Adani Power CEO S B Khyalia said in the statement, The company's strategically located power plants and optimal capacity allocation between PPAs (power purchase agreements) and merchant capacities, coupled with its strength in fuel management & logistics and excellence in power plant O&M, have allowed it to address growing power demand and generate robust profitability, he said. This has resulted ..

A year after Hindenburg saga, Adani biz emerges fundamentally stronger

While Adani stocks have risen more than $90 billion from last year's low, they remain about $60 billion short of their pre-Hindenburg peak

Jindal Power proposes to top Adani's bid for coal-power plant: Report

The tussle for the 1,980-megawatt plant in central India, ensnared in insolvency proceedings, comes after the power minister called last November for more private investment

JSW Energy proposes to top Adani's bid for coal-power plant: Report

In a letter, JSW Energy has asked India's insolvency court to allow it to participate in an auction for the Amarkantak project

Power equipment sector's order book charged up on transmission projects

Between April to December 2023, close to 35 projects worth Rs 60,000 crore were offered under tariff-based competitive bidding

Gautam Adani says 'Satyameva Jayate' after cleanchit from SC | Adani stocks rise

The Supreme Court of India handed a big win to the Adani Group on January 3, ruling out the need to transfer Sebi's probe into the Hindenburg case to a Special Investigation Team. Watch the video

Adani Group shares hold gains in weak market as SC grants Sebi more time

The Supreme Court on Wednesday also directed the government and Sebi to look into whether there has been any violation of law by Hindenburg Research on short-selling.

Consortium led by Adani Power gets letter of intent to buy Coastal Energen

In a regulatory filing on Sunday, Adani Power Ltd said LoI from resolution professional was received Saturday after CEPL's committee of creditors approved resolution plan submitted by consortium

Lanco Amarkantak Power creditors to vote on Adani Power's Rs 4,100 cr bid

An unsolicited bid of Rs 3,650 crore was submitted by Adani Power, which was later improved to Rs 4,100 crore

This Adani group stock has nearly doubled investor wealth in 8 days

Shares of Adani Total Gas zoomed 20 per cent to Rs 1,053.80 in intraday trade today on the back of heavy volumes

BSE Power index surges nearly 5%; NTPC, Adani Power, ABB hit new peaks

In the past two months, the power index has surged 19 per cent, while in nine months, it zoomed 59 per cent.

Adani group stks zoom up to 19%; Adani Green, Ambuja regain Rs 1 trn m-cap

In the past two trading days Adani Group stocks have surged close to 31 per cent in anticipation that India shall witness a stable government post the 2024 general elections.

Adani group adds Rs 73,000 crore in mcap as investors lap up shares

Power-to-port conglomerate's mcap nears Rs 12 trillion

Adani group shares rally; Adani Green, Enterprises, Power surge up to 15%

Last week, the Supreme Court reserved its judgement on the charges made by the Hindenburg report