 "Adani Power gains on incorporation of wholly owned subsidiary")
Adani Power has surged 11% to Rs 31.20 on the BSE amid heavy volumes in noon deals after the company announced that it has incorporated a wholly owned subsidiary company - Adani Power (Jharkhand) Limited (APJL).
“APJL is incorporated as wholly owned subsidiary of the company with an initial subscription of 500,000 equity shares of Rs 10 each, Adani Power said in a statement.
“APJL belongs to power sector and yet to commence its business operations and incorporated for its business purpose,” it added.
At 12:15 pm, the stock was up 8.5% at Rs 30.50 on the BSE. The trading volumes on the counter nearly doubled with a combined 11.57 million shares changed hands on the BSE and NSE.
“APJL is incorporated as wholly owned subsidiary of the company with an initial subscription of 500,000 equity shares of Rs 10 each, Adani Power said in a statement.
“APJL belongs to power sector and yet to commence its business operations and incorporated for its business purpose,” it added.
At 12:15 pm, the stock was up 8.5% at Rs 30.50 on the BSE. The trading volumes on the counter nearly doubled with a combined 11.57 million shares changed hands on the BSE and NSE.