Shares of Adani Power hit a fresh 52-week high of Rs 181
on the BSE on Tuesday, extending their rise into the sixth straight day after
the company approved the merger of six fully owned subsidiaries with itself.

At 1:20 pm, the Adani group company was trading 12%
higher at Rs 171 per share, against a 0.19% rise in the benchmark S&P BSE
Sensex. A total of 149.91 million shares had been exchanged on the counter on
the NSE and BSE till the time of writing this report.  In the last six sessions, Adani Power has
jumped over 40%.

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On March 23, the board of Adani Power approved a scheme
for the merger of Adani Power Maharashtra, Adani Power Rajasthan, Adani Power (Mundra),
Udupi Power Corp, Raipur Energen, and Raigarh Energy Generation with itself.

The assets and liabilities of these six subsidiaries will
be transferred to Adani Power.

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The amalgamation is intended to achieve size,
scalability, integration, improved controls, cost and resource use
optimisation, greater financial strength and flexibility, the company stated.

There will be no change in the equity shareholding
pattern of the company as no shares are being issued.

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Adani Power has signed a Memorandum of Understanding
(MoU) with two Japanese companies, IHI Corporation and Kowa Company Ltd. to
work on ecologically sustainable power generation. The firms will research on
the feasibility on a modification to achieve 20% liquid ammonia co-firing ratio
and thereafter extend this ratio up to 100% mono-firing at the Adani Power
Mundra Coal Fired Power Plant.

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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.