NEW DELHI: Shares of Adani Power extended their winning streak for the eighth session and hit a fresh all-time high on Monday. In the past one month itself, the shares of the company rose nearly 50 per cent.
Since the start of 2022, it rose by a whopping 324 per cent. Further, in the past 12 months, it rose over 480 per cent.
The Adani group company on Friday said it has agreed to acquire DB Power Limited, which owns and operates a running 2x600 MW thermal power plant at District Janjgir Champa in Chhattisgarh, for Rs 7,017 crore.
DB Power is engaged in the business of establishing, operating, and maintaining thermal power generating stations.
The acquisition will help the Company to expand its offerings and operations in the thermal power sector in the state of Chhattisgarh, the company said.
Further, the company's net profit surged 16 times to Rs 4,780 crore for the quarter ended June 30, 2022, as compared to Rs 278 crore recorded in the corresponding period of the last year.
The consolidated total revenue surged to Rs 15,509 crore in the first quarter of the current financial year as compared to Rs 7,213 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 115 per cent.
A nationwide heatwave and broadening of the recovery in economic activity seemed to have driven electricity demand growth in the first quarter of FY 2022-23.
Meanwhile, Indian stocks seemed to have lost some steam as they declined for the second consecutive session on Monday. The decline can be attributed primarily due to mild profit booking.
The latest slump in stocks comes after a five-week long consistent rally in the benchmark indices - Sensex and Nifty. The indices declined 1 each in the afternoon trade.
Until Thursday, Indian stocks extended their bull run for the fifth straight week supported by fresh inflows of foreign investments as well as some moderation in inflation -- both in the US and India. Also, the latest softening of international crude oil prices infused buying sentiments among investors.