Adani grp shares in focus; Adani Green, Transmission, Power rally up to 10%

Adani Green Energy (up 10% at Rs 1,089.15), Adani Total Gas (up 5% at Rs 662.45), and NDTV (up 5% at Rs 238.75) were locked in their respective upper circuit limits

Shares of Adani group companies were in focus on Tuesday as they rallied up to 10 per cent on the BSE in the intra-day trade, in an otherwise volatile market. Adani Green Energy (up 10 per cent at Rs 1,089.15), Adani Total Gas (up 5 per cent at Rs 662.45), and New Delhi Television (NDTV) (up 5 per cent at Rs 238.75) were locked at their maximum upper circuit filters on the BSE.

Besides, Adani Power, Adani Transmission, ACC, Adani Wilmar, and Ambuja Cements gained in the range of 4 per cent to 8 per cent. Adani Enterprises and Adani Ports and Special Economic Zone were also up 1 per cent. In comparison, the S&P BSE Sensex was up 0.07 per cent at 66,433 at 02:51 PM.

Three of the group's listed companies - Adani Enterprises, Adani Green Energy, and Adani Transmission -- plan to raise Rs 33,000 crore by launching qualified institutional placements (QIPs) by calendar year end.

According to a media report, Adani group plans to sell 90 per cent stake in its financial services business to private equity firm Bain Capital for Rs 1,440 crore. Bain Capital will invest an additional Rs 1,000 crore in the company after acquiring Adani's stake, the report said. 

In a separate development, the Maharashtra government, last week, cleared the award of Dharavi redevelopement project to Adani group which would require investments of Rs 20,000 crore. The group is also setting up a copper smelter and PVC project, Business Standard reported. READ MORE

Among individual stocks, Adani Green Energy hit over five month high of Rs 1,089, locked at 10 per cent upper circuit, on the BSE. The stock was trading at its highest level since February 2, 2023. Average trading volumes on the counter jumped over four-fold with a combined 4.2 million shares having changed hands thus far in trades, and there were pending buy orders for around 390,000 shares on the NSE and BSE.

The board of directors of the company is also scheduled to meet on July 31, 2023 to consider and approve financial results of the company for the quarter ended June 30, 2023 (Q1FY24).

In an earlier quarterly business update, the company said its operational capacity increased by 43 per cent to 8,316 MW on year-on-year (YoY) in Q1FY24 with an addition of 1,750 MW solar–wind Hybrid, 212 MW solar, and 554 MW wind power plants. The company said that the sale of energy increased by 70 per cent YoY at 6,023 million units in Q1FY24 vs. 3,550 million units in Q1FY23.

Solar portfolio CUF came in at 26.9 per cent with 40 bps improvement YoY, backed by 99.7 per cent plant availability. Wind portfolio CUF was 38.7 per cent with 830 bps reduction YoY. The reduction is primarily due to relatively lower wind speed, which was higher last year.

Hybrid portfolio CUF was at a robust 47.2 per cent backed by 99.1 per cent plant availability. The company said it realized 0.4 million Carbon credits in Q1FY24.