Adani Power Ltd experienced a rise in stock prices after the promoters sold a stake to GQG Partners. The stock had previously experienced a losing streak but managed to rebound with a 3.23% increase. The market capitalization of the firm also rose to Rs 1.09 lakh crore. The turnover on the BSE amounted to Rs 31.92 crore, with 11.17 lakh shares changing hands. Adani Power Ltd hit a 52-week high of Rs 432.80 on August 22, 2022.
Adani Power and the financial performance of Adani Power. Here’s a summary of the key points:
Investment by US-Based Boutique Investment Firm:
- The US-based boutique investment firm purchased a significant stake in Adani Power. It acquired 31.2 crore equity shares of Adani Power for more than Rs 9,000 crore ($1.1 billion). This substantial investment suggests a high level of confidence in Adani Power’s potential.
Promoter Adani Family’s Stake and Sale:
- The Adani family, who are promoters of Adani Power, held a 74.97 percent stake (289.16 crore equity shares) in the utility company. They sold an 8.1 percent stake (31.2 crore equity shares) at an average price of Rs 279.17 per share.
Interest in Adani Group Companies:
- The investment firm, led by Jain, has shown interest in various Adani Group companies, despite negative reports from sources like Hindenburg, a US short seller. This suggests that the investment firm has confidence in the Adani Group’s potential and has been investing in its companies.
Financial Performance of Adani Power:
- Adani Power reported an 83.25 percent increase in consolidated net profit for the quarter ended June 2023. The net profit stood at Rs 8,759.42 crore, driven by substantial other income.
- However, revenue from operations experienced a decline, dropping by 19.80 percent to Rs 11,005.54 crore. This decline in revenue from operations may have been influenced by various market and economic factors.
