Adani Transmission rose 1% to Rs 143.85 at 10:37 IST on BSE after the company said it received letter of intent for intra state transmission project in Uttar Pradesh.
The announcement was made after market hours yesterday, 13 June 2018.Meanwhile, the S&P BSE Sensex was down 194.11 points, or 0.54% to 35,545.05.
On the BSE, 36,000 shares were traded in the counter so far compared with average daily volumes of 97,000 shares in the past two weeks. The stock had hit a high of Rs 147 and a low of Rs 143.30 so far during the day. The stock hit a record high of Rs 252 on 18 January 2018. The stock hit a 52-week low of Rs 103 on 21 August 2017.
Adani Transmission (ATL) said it has received the letter of intent (LoI) from REC Transmission Projects Company (a wholly owned subsidiary of Rural Electrification Corporation) to build, own, operate and maintain the transmission project in Uttar Pradesh. The project, Ghatampur Transmission, has approximately 900 ckt kms of line at voltage levels of 765 KV and 400 KV. This project is primarily being constructed to establish transmission system for evacuation of power from 3X660MW Ghatampur Thermal Power Project. This project has been awarded to ATL through a tariff based competitive bidding process.
With this win, the cumulative transmission network of ATL will reach around 12,500 ckt kms, out of which approximately 9,000 ckt kms are under operation. This is the first win for Adani Transmission in the state of Uttar Pradesh, which will help it establish as a pan India player and is also expected to bring in the benefits of economies of scale to the business in India.
On a consolidated basis, net profit of Adani Transmission rose 58.35% to Rs 150.27 crore on 2.96% decline in net sales to Rs 809.94 crore in Q4 March 2018 over Q4 March 2017.
Adani Transmission is one of the largest private sector power transmission companies in India with a presence across the western and northern regions of India.
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