From Hindustan Times: 2024-04-03 06:59:12

Adani Power Ltd shares hit an all-time high of ₹611.75, marking a fourth consecutive session of gains. The stock surged by 5% and has climbed a remarkable 230% from its 52-week low. Adani Power now boasts a market capitalization of ₹2.33 lakh crore, surpassing notable companies in terms of market capitalization.

Adani Power’s subsidiary, Mahan Energen Ltd, has sealed a 20-year power purchase agreement with Reliance Industries for 500 MW of electricity from a 600-MW unit. This partnership requires RIL to maintain a 26% ownership in the captive unit with an investment of ₹50 crore.

In a recent presentation, Adani Power outlined its plan to expand its power assets by nearly 6 gigawatts within the next five years. This strategic move aims to address India’s growing power needs, particularly focusing on thermal power generated from coal. Analysts see the stock continuing its bullish momentum towards uncharted territory beyond ₹600.



Read more at Hindustan Times: Adani Power shares hit record high today, jump 18% in 4 sessions