Don’t miss the latest developments in business and finance.

Adani Power gains after reporting good Q4 results

Image
Capital Market
Last Updated : May 04 2016 | 11:28 AM IST

Adani Power rose 1.1% to Rs 32.05 at 10:55 IST on BSE after the company's consolidated net profit rose 64.1% to Rs 1173.39 crore on 54.37% rise in total income to Rs 7456.36 crore in Q4 March 2016 over Q4 March 2015.

The result was announced after market hours yesterday, 3 May 2016.

Meanwhile, the S&P BSE Sensex was down 102.17 points or 0.4% at 25,127.53.

On BSE, so far 8.65 lakh shares were traded in the counter as against average daily volume of 10.01 lakh shares in the past one quarter. The stock hit high of Rs 32.90 and low of Rs 31.90 so far during the day. The stock had hit a 52-week high of Rs 45.45 on 5 May 2015. The stock had hit a 52-week low of Rs 19.65 on 25 August 2015. The stock had underperformed the market over the past one month till 3 May 2016, falling 8.78% compared with the Sensex's 0.16% fall. The scrip had, however, outperformed the market in past one quarter, rising 21.46% as against Sensex's 4.15% gains.

The large-cap company has equity capital of Rs 3333.94 crore. Face value per share is Rs 10.

On a consolidated basis, Adani Power reported net profit of Rs 488.48 crore in the year ended March 2016 compared with net loss of Rs 815.63 crore in the year ended March 2015. Total income rose 28.5% to Rs 25433.35 crore in the year ended March 2016 over the year ended March 2015.

Pursuant to the stake sale in Adani Transmission (India) by the company in the previous year, the merger of solar power undertaking of Adani Enterprises with the company with effect from 1 April 2015 and the acquisition of 100% stake of UPCL by the company with effect from 20 April 2015, the figures for the current quarter and year are not fully comparable with the figures of corresponding quarter and previous year.

In a separate announcement after market hours yesterday, 3 May 2016, Adani Power said that its board of directors approved for seeking approval of the shareholders for raising funds by way of issue of equity shares/convertible bonds through qualified institutional placement (QIP)/GDR/ADR/FCCBs/FCEBs/convertible securities for an aggregate amount upto Rs 10000 crore. Shareholders' approval will also be sought after the board of directors' approval in issuing secured/unsecured redeemable non-convertible debentures on private placement basis within the overall borrowing limits of the company. The instruments will be issued in the period of next twelve months through private placement mode.

More From This Section

Adani Power is a power business of Adani Group.

Powered by Capital Market - Live News

Also Read

First Published: May 04 2016 | 10:49 AM IST

Next Story