Shares of Adani Power Limited, the largest private power producer in India closed at Rs 274.85, marking a gain of 4.50 percent as compared to the previous closing levels of Rs 263.
The company has a market capitalization of over Rs 1.06 Lakh crores. In the last one-month period, the scrip has gained over 15 percent ranging from Rs 238.70 to the current levels.
The stock prices surged today after the Bombay Stock Exchange (BSE) increased the circuit limit of Adani Power from 5 percent to 20 percent and the same is effective from today, i.e., 7th June 2023. This move paves the way for the company to increase investor participation on the exchanges.
The latest financial results for the financial year 2022-2023 represent an operating revenue of Rs 38,773 crores, as compared to Rs 27,711 crores of revenues in the previous financial year. Moreover, the net profits went up from Rs 4,912 crores during FY21-22 to Rs 10,727 crores in FY22-23 indicating an increase of 118 percent.
As per the March 2023 shareholding data, Promoters hold a 74.97 percent stake and Foreign Institutional Investors (FIIs) hold a 11.7 percent stake in the company.
Adani Power Limited is an Indian electric utility company that is engaged in the production and transmission of energy from its portfolio of power plants that are located throughout the country. It generates a majority of its revenue from the sale of electricity to state distribution companies and energy transmission to state as well as central utilities.
It is one of the four companies which faced circuit revisions. Others on the list include Adani Green Energy, Adani Transmission, and Adani Wilmar whose limits increased from 5 percent to 10 percent.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
To stay updated with the Latest Stock Market news, download our app here!
For editorial purposes, contact news@tradebrains.in
Start Your Stock Market Journey Today!
Want to learn Stock Market trading and Investing? Make sure to check out exclusive Stock Market courses by FinGrad, the learning initiative by Trade Brains. You can enroll in FREE courses and webinars available on FinGrad today and get ahead in your trading career. Join now!!