 "Here's why Adani Power share price is buzzing in trade on October 24")
Adani Power share price: Renewable energy company Adani Power share price rose as much as 4.39 per cent to hit an intraday high of Rs 612 per share on Thursday, October 24, 2024.
Adani Power shares rose after the company announced that its board of directors will meet on October 28, to consider raising funds worth up to Rs 5,000 crore via non-convertible debentures (NCDs).
NCDs are financial instruments that companies use to raise long-term funds through public issues.
In an exchange filing, Adani Power said, “We would like to inform you that the meeting of the Board of Directors of the Company to be held on Monday, 28th October 2024 will inter alia also consider raising funds for a total amount not exceeding INR 5,000 Cr by way of public issue and/or private placement of non-convertible debentures ("NCDs"), which may be issued in one or more tranches, in accordance with applicable law and subject to receipt of requisite regulatory and other approvals.”
Apart from that, on October 18, the company announced that it would consider and approve, inter alia, the Unaudited Financial Results for the quarter and half year ended September 30, 2024, on October 28, 2024.
Financially, Adani Power’s Q1FY25 continuing revenue grew 30 per cent year-on-year (Y-o-Y) to Rs 15,052 crore. Its continuing earnings before interest, tax, depreciation and amortisation (Ebitda) zoomed 53 per cent annually to Rs 6,290 crore. Q1FY25 continuing profit before tax surged 95 per cent Y-o-Y to Rs 4,483 crore.
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The consolidated power sale volume stood at 24.1 Billion Units (BU) in Q1FY25, up 38 per cent from 17.5 BU in Q1FY24, due to improved power demand and larger effective operating capacity.
Adani Power Limited (APL), a part of the diversified Adani Group, is the largest private thermal power producer in India. It has an installed capacity of 15,250 MW. The company has nine power plants spread out across the states of Gujarat, Maharashtra, Rajasthan, Karnataka, Chhattisgarh, Madhya Pradesh, and Jharkhand.
The market capitalisation of Adani Power is Rs 2,31,628 crore, according to BSE.
At 1:01 PM, Adani Power shares were trading 2.44 per cent higher at Rs 600.55 per share. In comparison, BSE Sensex was trading 0.04 per cent lower at 80,053.86 levels.