The stock is just 1.69 percent away from touching its 52-week high od Rs 354. In the past one month, the stock has gained more than 33 percent and in the year so far the stock has gained nearly 245 percent.
Shares of Adani Power Ltd (APL) climbed over 2 percent after the company posted a 17 times rise in the net profit for the April-June quarter.
At 10:50 am, shares of Adani Power were trading at Rs 348.5, a 2.2 percent up from the previous close on the BSE. The stock reached Rs 353.6 in early trade, just shy of touching an all-time high of Rs 354.
In the past month, the stock has gained more than 33 percent and in the year so far, the stock has gained nearly 245 percent.
On Wednesday, Adani Power released its financial earnings report for the April-June quarter. It reported a consolidated net profit of Rs 4,780 crore compared to Rs 278 crore in the corresponding period last financial year.
Revenue from operations stood at Rs 13,723 crore, a growth of 109 percent from the first quarter of the financial year 2022. The company's quarterly expenses amounted to Rs 9,642.80 crore, up from Rs 6,763.50 crore during the preceding fiscal year.
"We have been able to utilise the opportunities presented by the market, to meet rising power demand. Regulatory issues that were outstanding for long are nearing full resolution," said Anil Sardana, managing director, Adani Power.
Adani Power is the largest private thermal power producer in India and is part of the diversified Adani Group. The company has seven power plants across Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, and Madhya Pradesh, along with a 40 MW solar plant in Gujarat.
(Edited by : Nishtha Pandey)
First Published: IST