Adani Power M-Cap Hits Rs 1 Lakh Crore, Sixth Group Company To Reach Milestone

Shares of Adani Power have surged over 165 per cent this year, while it gained 46 per cent in April only

New Delhi: Adani Power became the sixth group company to hit a market capitalisation (M-cap) of Rs 1 lakh crore as the stock soared to an all-time high.

On Monday, the stock of the firm rose 5 per cent from the previous closing to Rs 270.80,according to the BSE.

According to news reports, shares of Adani Power have surged over 165 per cent this year, while it gained 46 per cent in April only.

On Friday, the company entered the top-50 most valued firms in terms of market capitalisation. Earlier, the five other companies of Adani Group -- Adani Green Energy, Adani Transmission, Adani Total Gas, Adani Enterprises, and Adani Ports and SEZ reached the milestone.

The market capitalisation of Adani Green Energy is Rs 4.44 lakh crore, Adani Transmission is Rs 2.92 lakh crore, Adani Total Gas is Rs 2.66 lakh crore, Adani Enterprises is Rs 2.51 lakh crore, while Adani Ports and Special Economic Zone is Rs 1.85 lakh crore. Other firms have a market cap in excess of Rs 1 lakh crore.

Stocks of the power firms have risen since the start of the year on expectations that power generating companies may post strong fourth quarter results.

The power demand across the country also jumped higher as temperature has started rising since mid-March. Thus the gap between power demand and supply also became widened.

According to news reports, Adani Power recently received dues with interest from state-run discom in Rajasthan. The total amount is Rs 3,000 crore. The surge in the power sector can be witnessed after many power sector reforms were introduced for bringing efficiency and discipline.