Adani Power Ltd Share Price – NSE  /  BSE

Power Generation & Distribution, Mid Cap

Adani Power will hold a meeting of the Board of Directors of the Company on 31 July 2024.

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Adani Power informed that its wholly owned subsidiary, Mahan Energen (MEL) had entered into a 20-year long-term power purchase agreement for 500 MW with RIL.

RIL has subscribed to, and MEL has issued and allotted to it 5 crore equity shares with face value of Rs 10 each, translating to 26% proportionate ownership stake in the unit. This unit, part of MEL's total capacity of 2,800 MW, is designated as the captive unit for the agreement.

This allotment will enable RIL to source reliable power supply from the captive unit under the exclusive arrangement between the two corporates and demonstrate the advantage of this mutually beneficial arrangement by enhancing MEL’s long-term revenue visibility, stated Adani Power in an exchange filing.

Consequent to this issuance, MEL has now ceased to be a wholly owned subsidiary of Adani Power.

Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India. The company has an installed thermal power capacity of 15,210 MW spread across eight power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, apart from a 40 MW solar power plant in Gujarat.

Reliance Industries (RIL) is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services.

Shares of RIL shed 0.79% to Rs 3,155 and Adani Power declined 0.10% to Rs 724.60 on the BSE.

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The headline equity benchmarks traded with moderate gains in early trade. The Nifty traded above the 23,500 level. Barring the Nifty Healthcare index, all the other sectoral indices on the NSE traded in green.

At 09:30 IST, the barometer index, the S&P BSE Sensex was up 136.85 points or 0.18% to 77,129.62. The Nifty 50 index added 51.90 points or 0.22% to 23,517.50.

The Sensex and Nifty clocked an all-time high of 77,326.80 and 23,573.85 respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index added 0.09% and the S&P BSE Small-Cap index rose 0.55%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,278.53 and 51,758.97 respectively.

The market breadth was strong. On the BSE, 2,085 shares rose and 1,068 shares fell. A total of 144 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,175.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 655.76 crore in the Indian equity market on 14 June 2024, provisional data showed.

Stocks in Spotlight:

Adani Power rose 0.79%. The company said that it has incorporated wholly owned subsidiary, Adani Power Global PTE., in Singapore on 14 June 2024.

Som Distilleries & Breweries tumbled 12.22%. The company terminated the contract with vendor services of its associated company over allegations of child labour. Police has launched an investigation after the Government's child protection agency found out children working at its liquor factory in Madhya Pradesh.

One 97 Communication (Payim) rose 0.94%. The company is in talks with Zomato to sell its movie and ticketing business. The fintech firm is going to focus on its core business: payment and financial services along with goods commerce.

Numbers to Track:

The yield on India's 10-year benchmark federal added 0.11% to 6.992 as compared with previous close 6.984.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4875, compared with its close of 83.5500 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement gained 0.30% to Rs 71,660.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 105.41.

The United States 10-year bond yield fell 0.21% to 4.270.

In the commodities market, Brent crude for August 2024 settlement lost 12 cents or 0.15% to $84.13 a barrel.

Global Markets:

Asian stocks rose on Tuesday, following gains on Wall Street the previous day. This positive sentiment was buoyed by easing concerns about political instability in Europe. Investors also awaited comments from several Federal Reserve officials scheduled to speak later.

The primary focus in Asian markets remained the Reserve Bank of Australia's (RBA) policy decision. While the RBA is expected to maintain current interest rates, markets are keen on any hints regarding a potential future rate cut cycle in Australia.

U.S. stocks surged to fresh records on Monday, fueled by continued gains in technology companies. The S&P 500 climbed 0.8%, surpassing its all-time high from Thursday. The Dow Jones Industrial Average also rose 0.5%, while the Nasdaq Composite extended its own record with a 1% gain.

The U.S. stock market will be closed tomorrow, Wednesday, June 19th, for Juneteenth.

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Adani Power Global PTE has been incorporated with authorized capital of 1000 singapore dollars.

The company has incorporated a wholly owned subsidiary to invest in power, infrastructure, and related fields.

Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India. The company has an installed thermal power capacity of 15,210 MW spread across eight power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, apart from a 40 MW solar power plant in Gujarat.

Adani Power has reported 47.8% fall in net profit to Rs 2,737 crore in Q4 FY24 from Rs 5,242 crore in Q4 FY23. Continuing revenue from operations increased by 27.3% YoY to Rs 13,288 crore in the fourth quarter.

The counter shed 0.92% to end at Rs 746.90 on Friday, 14 June 2024.

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