Shares of Adani Power hit an upper circuit of 5 per cent today as global index provider Morgan Stanley Capital International (MSCI) has included the firm in its global index. The stock has zoomed 35 per cent in the last seven days post the inclusion.
Adani Power stock touched a record high of Rs 327.5, rising 4.98 percent against the previous close of Rs 311.95 on BSE. The share opened 2.9 percent higher at Rs 321 today.
A total of 8.41 lakh shares of the firm changed hands, amounting to a turnover of Rs 27.37 crore. Market cap of the firm rose to Rs 1.26 lakh crore on the BSE.
Adani Power stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock has gained 223 per cent in one year and risen 228 percent since the beginning of this year.
The stock hit a 52-week low of Rs 69.95 on August 24, 2021.
MSCI announced the list of additions and deletions for May 2022 Rejig. The global index provider MSCI (Morgan Stanley Capital International) rejigs its components semi-annually and quarterly.
On May 13, MSCI added four Indian stocks - Adani Power, AU Small Finance Bank, Jindal Steel and Power, and Tata Elxsi. It excluded HDFC AMC. The changes will be effective from June 1, while index funds are likely to realign their portfolios on May 31.
The Adani Group firm has performed well on the financial front too.
Adani Power reported a multi-fold rise in consolidated profit after tax (PAT) at Rs 4,645 crore in Q4 of last fiscal against a net profit of Rs 13 crore in the year-ago period.
Consolidated total revenue zoomed 93 per cent year-on-year (YoY) to Rs 13,308 crore as against Rs 6,902 crore in the same quarter last fiscal.
The consolidated EBITDA, or earnings before interest, taxes, depreciation, and amortisation rose 271 per cent to Rs 7,942 crore from Rs 2,143 crore in the same quarter last year.
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