Adani Power Shares At Peak After Its Announcement To Buy DB Power, Break All Records

After announcing to buy BD Power for an enterprise value of ₹7,017 crore, the shares of Adani Power increased 3.83 percent on the BSE to hit a high record of ₹429.65. As per the info, 13.97 lakh shares of the company have been traded in all, resulting in a BSE turnover of ₹59.32 crore. Additionally, the company’s market value has increased to Rs. 1.64 lakh crore on the BSE.

The stocks of Adani Power are now above the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The stock has increased by 327.72 percent in 2022 after soaring 450.87 percent in a single year. On August 24, 2021, the share’s price reached a 52-week low of ₹69.95. However, with the announcement to buy DB Power, the stock of Adani Power has witnessed a rise of 514% from its 52-week low on BSE.

Also read: South Superstar Chiranjeevi To Build A Hospital For Poor Film Workers

The Janjgir Champa District of Chhattisgarh is home to a two-unit, 600 MW thermal power plant owned and run by DB Power. DB Power’s holding company is known as Diligent Power (DPPL). The Adani group is planning to expand itself in the power sector in Chhattisgarh. 

With this, all of the DPPL’s issued, subscribed, and paid-up equity share capital as well as preference share capital will now be owned entirely by Adani Power. On the day the transaction closes, DPPL will own 100% of DB Power, as per the media reports. 

According to the Central Electricity Authority (CEA), India’s peak electricity consumption will be around 340 GW by 2030, up from a peak demand of 203 GW in 2021. Due to the government’s emphasis on “Make in India,” rising disposable incomes and standards of life, as well as expanding industry, the demand for power in the country is expected to grow sustainably.

Share on: