Adani Power gains 17 per cent

Adani Power has spiked up more than 17 per cent in the closing hours of trade on Tuesday as it received approval for the acquisition of the entire stake of Adani Power Dahej (APDL), Adani Pench Power (APPL) and Kutchh Power Generation (KPGL) from Adani Enterprises (AEL). 

Adani Power is engaged in the business of generation, accumulation, distribution and supply of power. The company also explores, develops, generates, accumulates, supplies and distributes other forms of alternative energy sources. 

Adani Group is restructuring its operations. Adani Ports and SEZ’s (APSEZ) wholly-owned subsidiary, Adani Logistics is planning to acquire Adani Agri Logistics (AALL) from Adani Enterprises. 

On the other hand, the Adani group has won bids to upgrade and operate 5 out of 6 airports that the Airports Authority of India (AAI) had put out for bids. The Adanis emerged as the highest bidder for the Thiruvananthapuram, Lucknow, Ahmedabad, Mangaluru and Jaipur airports. 

The shares of Adani Power opened at Rs. 40.15 per share on Tuesday against a previous close of Rs 40.35. At 15:00 hours, the shares were at Rs. 43.65, gaining 8.18 per cent. Its intraday high was Rs. 44.20 and intraday low was Rs. 38.25 per share on the BSE. The BSE Sensex was at 35,992.23 level, down by 0.57 per cent.