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Business News/ Markets / Stock Markets/  Adani Power shares hit record high today, jump 18% in 4 sessions
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Adani Power shares hit record high today, jump 18% in 4 sessions

Adani Power stock surged by 5 percent, reaching a historic peak of ₹611.75 on the BSE, following an 18.4 percent increase over the past four trading sessions.

Adani Power (REUTERS)Premium
Adani Power (REUTERS)

Adani Power Ltd shares surged to an all-time high, marking a fourth consecutive session of gains. The stock surged by 5 percent, reaching a historic peak of 611.75 on the BSE, following an 18.4 percent increase over the past four trading sessions.

Today's rally further propelled Adani Power's stock, which has climbed a remarkable 230% from its 52-week low of 185.10 recorded on April 19, 2023.

So far this year, the stock has experienced a 15.3 percent increase. Over the past twelve months, it has surged by 214 percent.

Also read: Vibhor Steel Tubes stock jumps over 19% to hit 3-week high, up 32% in 3 sessions; here's why

At present, Adani Power boasts a market capitalization of 2.33 lakh crore, securing the 37th position among all listed firms on the BSE. It surpasses notable companies such as JSW Steel, Tata Steel, Siemens, IRFC, Varun Beverages, Bharat Electronics, Grasim Industries Ltd, and Zomato in terms of market capitalization.

Mahan Energen Ltd, a subsidiary of Adani Power, has entered into a 20-year power purchase agreement with Reliance Industries for 500 MW of electricity from a 600-MW unit at MEL's Mahan thermal power plant.

In adherence to policy mandates, RIL will maintain a 26 percent ownership in the captive unit, necessitating an investment of 50 crore for 5 crore equity shares of MEL. This pact signifies an exclusive partnership between the two entities for the procurement of 500 MW of power by Reliance Industries over the long haul.

In its most recent presentation, Adani Power articulated its ambition to augment its power assets by close to 6 gigawatts (Gw) within the upcoming five years. This strategic expansion is geared towards addressing the burgeoning power requirements of India, with a specific emphasis on thermal power derived from coal.

Also read: Multibagger stock: Patel Engineering spiked over 300% in a year, delivered nearly 800% returns in 4 years

“The stock has seen a strong resurgence recently, letting the counter inch toward its lifetime highs. It seems poised to enter uncharted territory and continue its northward journey. For now, 560 is likely to provide a cushion for any blips, while on the higher end, an authoritative surge beyond 600 could strongly thrust the bullish momentum in the comparable period," Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One said.

 

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Published: 03 Apr 2024, 04:29 PM IST
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