Adani Power hits over three-year high; stock zooms 135% in two months

.story-content span,.story-content p,.story-content div{color:#000!important;font-family:‘open sans‘,Arial!important;font-size:15px!important} span.p-content div[id^=”div-gpt”]{line-height:0;font-size:0}

Shares of hit an over three-year high of Rs 56 per share, gaining 3% on Thursday, and surging 58% in past one month after the Supreme Court permitted the Gujarat Government to approach the (CERC) for implementation of recommendations made by the High Power Committee. The stock was trading at its highest level since March 9, 2015, on the

“The Supreme Court in its Order dated October 29, 2018, has ordered Rajasthan to pay 50% of the amount claimed by Rajasthan, a wholly owned subsidiary of the Company, based on RERC orders (towards past receivables on account of shortfall in domestic coal), on a provisional basis pending final outcome of the appeal filed by said with the Appellate Tribunal for Electricity (APTEL),” said in a statement on Monday, November 26, 2018.

In the past two months, Adani Power has outperformed the market by zooming 135% from Rs 23.85 on September 28, 2018. In comparison, the S&P Sensex was down 0.53% during the same period.

“We are pleased to note the progress in ensuring sustainable operations of the Mundra power plant, with the Hon’ble Supreme Court permitting the Gujarat Government to approach the for implementation of recommendations made by the High Power Committee,” Gautam Adani, chairman, Adani Power said while announcing September quarter (Q2FY19) results on October 31.

“We have also received other important Regulatory and judicial approvals for compensation claims of our projects at Tiroda and Kawai. With the quick ramp-up of coal supplies under SHAKTI, we firmly believe that these developments will help the plants achieve cash flow certainty and improvement in long-term profitability. We remain committed to our goal of catering to India’s growing power demand and contributing significantly to its economic growth,” the statement added.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.