Adani Power shares remained locked in the 5% upper circuit at Rs 327.50 in Monday’s session, also hitting a new high on the BSE. The stock has now moved upward for seven consecutive days.

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Adani Group’s electric utilities company’s shares have risen 35% in the last seven days after index provider MSCI added Adani Power to its global index. The stock has risen 161% in the last three months, compared to a 5% fall in the S&P BSE Sensex.

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MSCI has added four companies from India: Adani Power, AU Small Finance Bank, Jindal Steel and Power, and Tata Elxsi, while removing HDFC AMC. MSCI’s revisions will take effect on June 1, although index funds will most likely rebalance their portfolios on May 31.

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Adani Power has 13,610 MW of installed thermal power capacity spread across seven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, and Madhya Pradesh, in addition to a 40 MW solar power facility in Gujarat.

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Earnings before interest, taxes, depreciation and amortisation (EBITDA) of the company increased 271% year on year to Rs 7,942 crore, up from Rs 2,143 crore in Q4FY21.

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As compared to Q4FY21, Ebitda growth was boosted by previous period income recognition, increased shortfall claims owing to high import coal prices, and higher merchant and short term tariffs and volumes.

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According to Adani Power, electricity consumption in India is still growing fast, spurred by both economic development and a heatwave in the country’s northwestern regions.