Adani Transmission Share Price: Adani Transmission, the power transmission company of the Gautam Adani Group company, climbed to its 52-week high in the early morning session today. Adani Group stock opened higher and later hit a new 52-week high of Rs 3,528 per share on the BSE. It surpassed fast-moving consumer goods (FMCG) firm ITC in market capitalization (m-cap) as the stock hit a new high on the BSE in Wednesday’s intra-day trading.
As the market cap of Adani Transmission shares rose to its new 52-week high, it surpassed the market caps of ITC and Bharti Airtel. Now Adani Transmission shares rank 11th in the list of most valuable Indian stocks in terms of market value.
Adani Transmission shares had ended Tuesday with a market cap of Rs 3,81,671.40 crore, which has now risen to Rs 3,88,024.13 crore in the early morning session on Wednesday, trailing ITC and Bharti Airtel. Now, ITC shares rank 13th in the list of India’s most valuable publicly traded companies in terms of market capital with Rs 3,78,925.11 crore while Bharti Airtel ranks 12th with a market cap of Rs 3,83,835, 17 crore. These latest market capitalization figures are available on the BSE website — bseindia.com.
Over the past week, Adani Transmission is up 16 percent, compared to a 3.9 percent rise in the S&P BSE Sensex. On the other hand, the ITC rose 0.38 percent while Bharti Airtel gained 2 percent in the same period.
In the past month, Adani Transmission’s share price has risen by 45 percent. Over the past six months, the stock is up 73 percent, compared to a 1.4 percent drop in the Sensex. In addition, the stock shot up nearly 280 percent in the past year, compared to an 8 percent rise in the benchmark index.
Adani Transmission (ATL) is the transmission and distribution arm of the Adani Group, one of India’s largest business conglomerates. ATL is the country’s largest private transport company with a cumulative transmission network of 18,795 ckm, of which 14,279 ckm is operational and 4,436 ckm is in various stages of construction. ATL also has a distribution company serving approximately 3 million+ customers in Mumbai.
The Government of India is examining the licensing of power distribution through draft amendments to the Electricity Act with the aim of increasing competition, consumer choice and creating attractive opportunities for the nimble, the company said in its FY22 annual report.
ATL plans to enter the electricity distribution business in prominent cities and districts, leveraging the experience gained from its distribution network and service in Mumbai. The company aims to become a leading national electricity distribution company offering reliable and competitive supplies through innovative service platforms.
In addition, the Indian government and several state governments have taken multiple initiatives to promote the adoption of electric vehicles. Adani Electricity Mumbai Limited (AEML) will promote the use of electric vehicles and charging infrastructure. AEML plans to facilitate the development of charging infrastructure through partnerships with bicycle operators (start-ups), taxi aggregators and fleet managers, the company said.
Read all Latest news and Important news here