Adani Power shares surge over 14%; hits 52-week high


NEW DELHI: Shares of Adani Power surged to their 52-week high of Rs 181.40 on the benchmark BSE sensex on Tuesday.
The stock opened higher at Rs 155.95 on the BSE and surged 16.31 per cent during the day to scale to its 52-week high of Rs 181.40. It then parred some gains and closed 14.07 per cent higher at Rs 173.55 on the BSE and at Rs 173.65 on the broader NSE.
This is the 5th consecutive session when the stock has remained in green. The stock has surged 33.44 per cent from Rs 130.15 on March 23 till today’s closing of Rs 173.55.
Shares of the company started surging after its board, on March 22, approved an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself.
“The Board of Directors of Adani Power Ltd at its Meeting held on March 22, 2022, approved, subject to requisite approvals/consents, the Scheme of Amalgamation of various wholly-owned subsidiaries of the company..,” a BSE filing had said.
As per the filing, the subsidiaries to be merged with Adani Power are Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd.
These companies are wholly-owned subsidiaries of Adani Power.
The appointed date of the scheme will be October 1, 2021. The entire assets and liabilities of these six arms will be transferred to Adani Power.
Last week, Adani Power also collaborated with IHI Corporation and Kowa Company to study ammonia co-firing for environmentally sustainable power generation.
With this, the company aims to lead India’s initiatives in achieving the targets of greenhouse gas reduction by evaluating the possibility and potential of ammonia as a fuel in thermal power generation which will utilize green hydrogen-derived ammonia in the existing thermal power plant.
(With inputs from agencies)