- By Aditya Pratap Singh
- Wed, 03 Apr 2024 12:13 PM (IST)
- Source:JND
Adani group share price: The shares of Adani Power have been witnessing tremendous rise for the past few sessions. For the last three trading days, The stock was continuously experiencing an upper circuit. Today, even on the fourth trading day, Adani's power is trading upward. At around 11:50 am, the shares were trading at 604, up by 15 points or 2.62 percent.
Adani Power has surged by almost 20% in four days. The company's shares reached a record high on Wednesday, it rose over 4% to hit 52 52-week high of Rs 611.75. The Adani Power stock surpassed its previous high of Rs 589.30 on December 6, 2023.
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Why Adani's power is bullish?
Adani Power posted a strong financial performance in the third quarter of fiscal 2023-24 (Q3FY24), benefiting from higher sales volumes and lower import fuel prices. Adani Power plans to add about 6 gigawatts (GW) of new power assets in five years. This means that it aims to meet India's growing electricity demand. Adani Power is now the largest independent power producer in the country with an operating capacity of 152 GW. Of this, 81 percent have been tied up on long/mid-term power purchase agreements (PPAs).
Stock Market Today
The Indian benchmark indices started the day trade in red and till mid-day, it continues to recover the early loss. At noon, the Sensex was trading at around 73,927, up by 16 points, while the Nifty 50 was at around 22,448, down by 4 points against their previous close value.