The shares of Adani Green and Adani Transmission were holding strong against the general decline in the markets. Adani Green was trading at ₹ 1,782 or 1.40% up as of 13:10 IST. Similarly, the power distribution arm of the energy to oil conglomerate climbed 1.15% to touch ₹ 2,075 per share.
Contrast this with the NIFTY50 benchmark index which slipped 2.78% or 450 points to hit the 15,750 mark.
Market experts have attributed the fall in markets to a myriad of reasons. Central banks around the world have either increased the interest rates or are expected to do so in the near future. Price inflation looms high corresponding with a weakness in the emerging market currencies. Further, the country registered over 8,000 new Covid cases for the third day in a row.
Yesterday, the government of Rajasthan cleared a proposal to allow 2,397.54 hectares of land for the setting up of a 1,000 MW solar power plant by Adani Renewable Energy Holding Four Limited.
Higher revenues helped Adani Green clock a 16% increase in the net profit for the March quarter to ₹ 121 crores this year.
Adani Transmission is one of the largest power transmission companies with more than 14,100 ckt km of transmission lines and around 20,400 MVA of power transformation capacity. Its consolidated net profit declined 7.6% to ₹ 237 crores in the March quarter of 2022 compared with ₹ 256.55 crores in the quarter ended March 2021.
Since the start of this year, the shares of Adani Transmission have given a return of 19.89 % to date. The stock of Adani Green, the renewable energy arm of the Adani group has climbed 32.31% year to date.
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