New Delhi: Adani Power shares extended their winning streak to an eighth session on Monday, reaching a new all-time high. The company’s stock increased by almost 50% in the last month.
It has increased dramatically by a staggering 324% since the beginning of 2022. Additionally, it has increased by more than 480% in the past year.
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After reaching a record high of Rs 432.80 on the BSE, the price of Adani Power stock was last up at Rs 432.50 a share, up over 5%.\
The Adani group company said on Friday that it had reached an agreement to purchase DB Power Limited for 7,017 crore, which owns and runs a 2×600 MW thermal power plant in District Janjgir Champa in Chhattisgarh.
Establishing, running, and maintaining thermal power generating facilities is what DB Power does.
The company claimed that the acquisition will aid in the expansion of its operations and product lines in the Chhattisgarh state thermal power industry.
In addition, the company’s net profit increased 16 times, to 4,780 crore, for the quarter that ended on June 30, 2022, as opposed to 278 crore for the same period the previous year.
In the first quarter of the current fiscal year, the consolidated total revenue increased by 115% year over year to 15,509 crores from the 7,213 crores reported in the equivalent period of the previous year.
In the first quarter of FY 2022–23, an all-encompassing heatwave and an expansion of the economic recovery appeared to be the main drivers of demand growth for energy.
Indian equities, meanwhile, appeared to have lost some momentum as they fell for a second straight session on Monday. Mild profit booking can be primarily blamed for the drop.
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The most recent stock market decline follows a five-year continuous uptrend in the major indices, the Sensex and Nifty. In the afternoon trade, each of the indices fell 1%.
Up until Thursday, new foreign investment inflows and some reduction in inflation in both the US and India let Indian stocks continue their bull run for the fifth week in a row. The most recent drop in the price of crude oil on the world market also encouraged investors to buy.
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