Adani Power rose 1.03% to Rs 39.40 at 9:23 IST on BSE after the company announced that its Mundra plant has set a record by attaining the highest generation of 4,644 megawatts.
The company made the announcement after market hours on Tuesday, 31 December 2013.
Meanwhile, the BSE Sensex was up 4.94 points, or 0.02%, to 21,175.62.
On BSE, so far 78,000 shares were traded in the counter, compared with an average volume of 11.61 lakh shares in the past one quarter.
The stock hit a high of Rs 39.70 and a low of Rs 39.20 so far during the day. The stock hit a 52-week high of Rs 68.40 on 22 January 2013. The stock hit a record low of Rs 29.45 on 5 August 2013.
The stock had outperformed the market over the past one month till 31 December 2013, rising 9.55% compared with the Sensex's 1.82% rise. The scrip had also outperformed the market in past one quarter, rising 20.93% as against Sensex's 9.24% rise.
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The large-cap company has an equity capital of Rs 2871.92 crore. Face value per share is Rs 10.
Adani Power said that its 4,620 megawatts (MW) power plant at Mundra, has set a record by attaining the highest generation of 4,644 MW, making it the only power station of such a gigantic size to reach a significant milestone in electricity production. The generation so far was constrained due to inadequate evacuation capacity, which has been alleviated with guidance, support and cooperation of various state and central grid authorities, Adani Power said in a statement.
Adani Power has a thermal power generating capacity of 7,920 MW, consisting of 4,620 MW at Mundra, 1,980 MW at Tiroda and 1,320 at Kawai. The Mundra plant, which is one of the world's largest private coal based power station at a single location, has five units of 660 MW and four units of 330 MW each. All the 660 MW units are based on environment friendly supercritical technology, Adani Power said in a statement.
Commenting on the development, Mr. Gautam Adani, Chairman, Adani Group said, Adani Power is committed to narrow the demand supply gap in electricity in India. We are proud that the Mundra plant has surpassed its installed capacity of 4,620 MW. This is a national record in the Indian power sector. We, at Adani, are devoted towards nation building and this project is dedicated to the people of India. We are confident of achieving a target of generating 9,240 MW of electricity by March 2014.
Mr. Vneet S Jaain, CEO, Adani Power said, Achieving 4,644 MW power generation at Mundra is one more feather in the cap of our Mundra plant. The state-of-the-art technology used in this project and Adani's expertise in management of such complex projects are key to its success. We hope to replicate this feat at our other projects too.
Adani Power reported consolidated net loss of Rs 1071.91 crore in Q2 September 2013, higher than net loss of Rs 260.91 crore in Q2 September 2012. Total income rose 100% to Rs 3108 crore in Q2 September 2013 over Q2 September 2012.
The net loss in Q2 September 2013 was due to MTM provision for rupee depreciation, non-cash items like depreciation, provision for deferred tax and higher import of coal due to limited availability of domestic coal.
EBITDA (earnings before interest, taxation, depreciation and amortization) surged 78% to Rs 672 crore in Q2 September 2013 over Q2 September 2012.
Adani Power is the largest private thermal power producer in India. It is currently developing six power projects across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.
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