The shares of India’s largest private thermal power producer firm gained 7.4 percent to ₹ 527 per share after the company promoter revoked a pledge shares worth of ₹8,638 crores.
At 12:20 p.m., Adani Power Ltd. shares were trading at ₹610.75 per share, up ₹31.45 or 5.43 percent from the previous close price on the National Stock Exchange. The company has a market capitalization of ₹2,33,518 crore.
Reports indicate that Gautam Adani and Rajesh Adani, representing the SB Adani Family Trust, have recently removed their pledged shares from Adani Power Ltd. According to BSE Insider Trading data on Wednesday, the company’s promoters lifted a pledge on 14.87 crore shares valued at ₹ 8,638 crore on May 7. Back on March 30, 2020, the trust had initially pledged 1.40 crore shares worth Rs 37.52 crore.
Since November 2019, the trust has consistently pledged a total of 7.07 crore shares, amounting to Rs 254 crore. Their most recent revocation involved 25 crore pledged shares on September 5, 2023.
Adani Power Ltd. is a thermal power producer in India with a significant power generation capacity of approximately 12,450 MW across various operational power plants in states like Gujarat, Maharashtra, Rajasthan, Karnataka, Chhattisgarh, Madhya Pradesh, and Jharkhand.
Adani Power shares have gained 51 percent in the last six months and 153 percent in a year.
Annually, the company experienced a significant 30 percent increase in revenue, rising from ₹10,242 crore in Q4FY23 to ₹13,364 crore in Q4FY24. However, during this period, net profit saw a sharp decline of 48 percent, dropping from ₹5,242 crore to ₹2,737 crore.
Furthermore, the company has commenced the development of a 2×800 MW (1600 MW) Ultra-supercritical thermal power project as Phase-II expansion, augmenting its existing 600 MW capacity at Raigarh, Chhattisgarh.
Written by Omkar Chitnis
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