Adani Power, which has been dealing with the electric utilities, hit a new high of Rs 259.20, after gaining 5 percent on the BSE in intraday trading Friday. With today’s rally, the stock is up 109 percent in the past month from a level of Rs 123.75. It also made it onto the list of the 50 most valued companies in terms of market capitalization (market cap) in the country. Adani Power was ranked 49th in the overall market cap ranking, surpassing personal products company Dabur India (Rs 98,470 crore) and real estate DLF (Rs 95,052 crore), data shows.
Adani Power is the sixth Adani Group Company to appear in the top 50 most valued publicly traded companies. Adani Green Energy (Rs 4.44 trillion), Adani Transmission (Rs 2.92 trillion), Adani Total Gas (Rs 2.66 trillion), Adani Enterprises (Rs 2.51 trillion), Adani Ports and Special Economic Zone (Rs 1.85 trillion) others have a market cap of over Rs 1 trillion each. Recently listed Adani Wilmar ranks 52nd in the overall ranking with a market cap of Rs 94,493 crore, data shows.
Adani Power had posted a consolidated net profit of Rs 218.49 crore for the third quarter of FY22 (Q3FY22). The company suffered a loss of Rs 288.74 crore while its total income was Rs 5,593.58 crore as compared to Rs 7,099.20 crore in the same period a year ago.
Adani Power, part of the diversified Adani Group, is the largest private producer of thermal energy in India. The company has an installed thermal capacity of 12,410 MW across six power plants in Gujarat, Maharashtra, Karnataka, Rajasthan and Chhattisgarh, excluding a 40 MW solar power plant in Gujarat.
“As the largest producer of edible oil (approximately 19 percent share) with access to Wilmar’s global tires (holds 44 percent stake), AWL enjoys significant sourcing (strong relationships with leading suppliers, units closer to ports), supply chain and economies of scale over domestic competitors to ensure an efficient cost structure that is important for a low-margin business,” said JP Morgan analysts.
Meanwhile, Adani Power will also join the elite club of companies with a market capitalization of Rs 1 trillion. The company’s market cap was Rs 99,972 crore as of 10:19 AM on Friday, the BSE data shows. In comparison, the S&P BSE Sensex fell 0.89 percent to 57,396.
Energy stocks closed higher at 10:34 a.m. Friday. GE Power India Limited (4.27 percent up), NHPC (up 3.47 percent), Jaiprakash Power Ventures (up 3.25 percent), Alstom T&D India (3.08 percent up), NLC India up 2.77 percent , SJVN (up 1.87 percent), Transformers and Rectifiers (India) (up 1.72 percent), KPI Global Infrastructure (+1.51 percent) and JSW Energy (1.15 percent up) were among the largest winners.
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