Adani Power rose 0.77% to Rs 45.90 at 11:30 IST on BSE after the company announced the completion of the acquisition of 100% of the shares of Udupi Power Corporation.
The company made announcement before market hours today, 21 April 2015.
Shares of Lanco Infratech jumped 6.05% to Rs 5.61.
Meanwhile, the BSE Sensex was down 60.02 points, or 0.22%, to 27,826.19.
On BSE, so far 2.75 lakh shares were traded in the counter, compared with an average volume of 12.78 lakh shares in the past one quarter.
The stock hit a high of Rs 46.15 and low of Rs 45.10 so far during the day. The stock had hit a 52-week high of Rs 68.50 on 26 May 2014. The stock had hit a 52-week low of Rs 38.80 on 1 December 2014.
The stock had underperformed the market over the past one month till 20 April 2015, falling 4.11% compared with 1.33% fall in the Sensex. The scrip had however outperformed the market in past one quarter, declining 2.15% as against Sensex's 3.12% decline.
The large-cap company has an equity capital of Rs 2871.92 crore. Face value per share is Rs 10.
Adani Power (APL) announced the completion of the acquisition of 100% of the shares of Udupi Power Corporation (UPCL) from Hyderabad based, Lanco Infratech. The deal is valued at Rs 6300 crore. UPCL is a 1200 megawatts (MW) power plant based on imported coal and includes a captive jetty for coal imports. This is the largest acquisition in the thermal power space in recent times. The transaction was announced earlier last year in August 2014. UPCL has long term power sale agreements with the Discoms of the states of Karnataka and Punjab.
APL is India's largest private sector power generation company with installed capacity of 9240 MW. With acquisition of the UPCL, the capacity of APL increases to 10,440 MW.
Adani Power reported consolidated net loss of Rs 428.68 crore in Q3 December 2014 compared with consolidated net loss of Rs 544.82crore in Q3 December 2013. Total income rose 30.5% to Rs 5535.46 crore in Q3 December 2014 over Q3 December 2013.
Adani Power is a power business of Adani Group.
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