Where on one hand there is a war between Iran and Israel. On the other hand, there is severe turmoil going on in the Indian stock market. Dalal Street has been mostly closed since the war started. In such a situation, the big companies of the country have suffered a big dent. But meanwhile, there is also a company of Gautam Adani, which has given excellent returns of more than 7.5 percent to the investors in the last two days. Let us know about it in detail.
Shares of Adani Group company Adani Power rose by more than 2% on Tuesday, further adding to its recent profits. Due to the company getting a big order, a positive sentiment was created in the minds of investors about it, the effect of which is clearly visible in the form of rally in the shares.
Why are shares running away?
Shares of Adani Group hit Rs 157.50, its highest in three months, after rising over 5% in the previous session after the announcement of letter of award (LOA) from Maharashtra State Electricity Distribution Company for Adani Power. With this, the stock has increased by 7.5% in the last two trading sessions.
Sentiment improved
Adani Power said it has received LOA from MSEDCL to supply 1,600 MW of power from its upcoming ultra-supercritical thermal power project. This supply will be under the proposed 25-year power supply agreement and operations are expected to begin from FY 2031.
The company further said that as per its regulatory document issued on March 15, the fixed tariff for the first year is Rs 5.30 per kWh. Adani Power CEO SB Khayalia said that the demand for electricity in India is continuously increasing, hence long-term and reliable capacity addition is important to ensure energy security.
Also read- Hotel owners are troubled by the slowing down of gas flame, employees are also in trouble!