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Adani Power share rises over 9% post Q2 earnings

Share of Adani Power has gained over 6% in one week and over 3% in one month. Adani Power share stands higher than 5, 20, 50 and 100 day moving averages but lower than 200 day moving averages

twitter-logoBusinessToday.In | November 6, 2020 | Updated 17:32 IST
Adani Power share rises over 9% post Q2 earnings
Market cap of the firm stood at Rs 14,637.08 crore as of today's session

Adani Power shares gained more than 9% intraday after the company declared manifold jump in its consolidated net profit to Rs 2,228.05 crore in the quarter ended September 30, mainly on account of improved income. This was against a net profit of Rs 3.88 crore in the year-ago period and a loss of Rs 633 crore in the first quarter.

Adani Power shares opened with a gain of 5.77% today at Rs 38.50 and later touched an intraday high of Rs 39.9, rising 9.62% as against the previous close of Rs 36.40 on BSE. Earlier today, Adani Power stock also fell to its intraday low of Rs 37.60.

Share of Adani Power has gained over 6% in one week and over 3% in one month. Adani Power share stands higher than 5, 20, 50 and 100 day moving averages but lower than 200 day moving averages.

Market cap of the firm stood at Rs 14,637.08 crore as of today's session. Adani Power registered an increase in its total income to Rs 8,792.28 crore from Rs 6,815.22 crore a year ago. Total expenses reduced to Rs 5,898.35 crore from Rs 6,658.44 crore in the year-ago period.

Total income in the second quarter increased to Rs 8,792.28 crore from Rs 6,815.22 crore a year ago. Total expenses fell to Rs 5,898.35 crore from Rs 6,658.44 crore in the year-ago period.

"Energy in all forms and power from all sources will act as a key enabler to achieve the dream of economic prosperity for India's vast population. The Group remains committed to the sustainable growth of the energy infrastructure, and becoming a key contributor to the nation's economic progress," Adani Group Chairman Gautam Adani said in a statement.

"We have a strong belief in the essentiality of conventional power and its compatibility with the renewable growth imperative. With our complementarity with the Adani Group's energy mix portfolio and partnerships in natural gas and solar energy, we will continue to seize value accretive opportunities and pursue our long-term growth strategies," he added.

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