Adani Power gained 2% to Rs 132.75, extending gains for second day.
The stock has added 7.27% in two sessions, from its recent closing low of Rs 123.75 recorded on 22 March 2022.
In the past six months, the stock has gained 38.39% while the benchmark Sensex has lost 4.15% during the same period.
Adani Power has announced the signing of a memorandum of understanding (MoU) wth IHI Corporation and Kowa Company. The MoU aims to study the feasibility on a modification to achieve 20% liquid ammonia co-firing ratio and thereafter extend this to a ratio up to 100% mono-firing at the Adani Power Mundra coal fired power plant.
APL is currently evaluating the possibility of potential implementation of ammonia as a fuel in thermal power generation that will utilize Green Hydrogen-derived ammonia in the existing thermal power plant.
Kowa is conducting a global survey of hydrogen and ammonia-related technologies being utilised for power generation.
IHI Corporation has already successfully demonstrated its ammonia co-firing technology at a large-scale commercial coal-fired power plant in Japan and responded to many inquiries related to ammonia co-firing globally.
To achieve de-carbonization of APL's coal-fired assets, the parties, by considering the possibility of ammonia co-firing through the studies, aim to de-carbonize APL's coal fired assets with the objective to potentially implement the technology in other coal-fired units within India.
In addition, the parties intend to conduct research and development, demonstration and commercial implementation in parallel with that in Japan to achieve early global implementation of fuel ammonia supply chain.
Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India.
The company reported a consolidated net profit of Rs 218 crore in Q3 FY22 as against a net loss of Rs 289 crore in Q3 FY21. Total Income for Q3 FY 2022 was Rs 5,594 crore, down by 21% YoY.
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