Adani Group stocks touch record highs on fundraising plan
- Adani Enterprises, Adani Green Energy and Adani Transmission announced plans to raise funds.
- Boards of directors of these companies are scheduled to meet on April 8
- Adani Wilmar was up 5% at Rs 609, hitting its new all-time high
Shares of Gautam Adani-led companies continued their
winning streak with Adani Enterprises and Adani Green Energy hitting all-time
highs after the companies along with Adani Transmission announced plans to
raise funds.
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The boards of directors of Adani Enterprises, Adani Green
Energy and Adani Transmission are scheduled to meet on Friday, April 8, 2022,
to consider and approve the proposal for raising funds through a rights issue,
preferential allotment, qualified institutional placement or any other mode.
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Shares of Adani Enterprises, after touching a high of
2,182.85, closed up 0.71% at Rs 2,154.95 on the NSE. Adani Green hit a high of Rs
2,250 and closed 0.07% higher at Rs 2,191.35. Adani Transmission surged 1.56% to close at Rs
2,482.00, after touching a high of Rs 2,504.35.
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Adani Power also touched a fresh lifetime high of Rs
244.75, up 5% on Wednesday’s trade. In the past month, the stock has surged
110%, as compared to a 12.38% rally in the NSE Nifty.
On Wednesday, Adani Wilmar closed 4.99% higher at Rs 608.90, hitting
its new all-time high. The stock has surged 78% in the last one month.
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For the October-December 2021 quarter, Adani Power had
reported a consolidated net profit of Rs 218.49 crore against a loss of Rs
288.74 crore in the year-ago period. Total income stood at Rs 5,593.58 crore
during the quarter against Rs 7,099.20 crore in the same period a year ago.
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According to a PTI report, India’s power consumption grew
significantly to 126.12 billion units (BU) in March, rising 4.6%, year on year.
The spike in power consumption is due to the early start of summer and the
relaxation of lockdown restrictions by states.
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