Adani Power shares in news as promoters increase stake. Full details

Shares of Adani Power Ltd would be in focus on Monday morning after two of promoter group entities namely Ardour Investment Holding and Emerging market Investment DMCC acquired a total 2.06 per cent stake in the Gautam Adani-led firm between September 26 and November 16, a BSE filing suggested. The promoters held 69.09 per cent stake, or 2,66,46,59,567 shares, in the Adani group firm earlier. The acquisition of 7,92,71,400 shares by the two promoter entities pushed promoters’ ownership in the company to 71.14 per cent or 2,74,39,30,967 shares.

Adani Power said Ardour Investment Holding bought 1.93 per cent stake, or 7,42,71,400 Adani Power shares between September 26 and November 16. On the other hand, Emerging market Investment DMCC picked up 50,00,000 Adani Power shares or 0.13 per cent on September 29.

This is the second time that Adani Power promoters upped stakes in the company recently. Earlier in September, the company reported Fortitude Trade and Investment and Emerging Market Investment DMCC buying a total 2.1 per cent stake in Adani Power. Fortitude Trade and Investment acquired 6,58,47,000 shares, or 1.71 per cent, stake in Adani Power between September 5 and September 21, the company said in a September filing.  Besides, Emerging Market Investment DMCC added 1,92,00,000 shares, or 0.50 per cent, stake in Adani Power between September 21 and September 25.

The stock has climbed 14.6 per cent in the last one month and 56 per cent in the last six months.

Adani Power recently reported a multi-fold jump in its September quarter profit on strong jump in sales. The Adani group company said its September quarter profit came in at Rs 6,594 crore, up 847.41 per cent YoY over Rs 696 crore in the same quarter last year. Sales for the quarter was up 84 per cent to Rs 12,991 crore from Rs 7,044 crore YoY.

Also read: Aurobindo Pharma, Balrampur Chini among ex-dividend stocks in Top News on November 20: Last day to subscribe to Arrowhead Seperation Engineering IPO, Stock market, Bank Nifty outlook, Q2 Results 

Also read: Stock recommendations for November 20, 2023: Nykaa, IRCTC, Birla Corp and SBI Life

Also read: GIFT Nifty down 10 points: Asian markets, crude oil prices, dollar movement & more