Adani Power Hits Record High, Up 35% in Seven Days

Adani Power's share price was fixed at 5% upper circuit at Rs 327.50, the record high on BSE in Monday's trade. Stock prices have been trading at high prices for seven consecutive days. Until 10:06 am a total of 12.3 million shares were traded and 2.4 million buy orders were pending at NSE and BSE.

Shares of the Adani Group electric subsidiary have risen 35% in the last seven days after index provider MSCI included Adani Power in its global index. Over the last three months, S&P BSE Sensex has decreased by 5%, while inventories have increased by 161%.

MSCI has added 4 stocks from India, Adani Power, AU Small Finance Bank, Jindal Steel and Power, and Tata Elxsi, however, whereas deleted HDFC AMC. The changes announced by MSCI will be effective from June 1, meanwhile, index funds are expected to realign their portfolios on May 31.  

Apart from the 40 MW solar power plant in Gujarat, Adani Power has installed a thermal power capacity of 13,610 MW in seven power plants in Gujarat, Maharastra, Karnataka, Rajasthan, Chhattisgarh, and Madhya Pradesh.

The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) were Rs 7,942 crore, up 271% year-on-year, from Rs 2,143 crore in the fourth quarter of FY21.