Adani Power shares jump over 7% after Gautam Adani, Rajesh Adani revoke pledged holdings
Shares of India's largest private thermal power producer, Adani Power surged 7.4% to Rs 527 after the company's promoters, Gautam Adani and Rajesh Adani revoked pledged shares worth Rs 8,638 crore.
of India's largest private , surged 7.4% to Rs 527 after the company's , and revoked pledged shares worth Rs 8,638 crore.Gautam Adani and Rajesh Adani, representing the , released their pledged shares from on May 7, according to the filing. The promoters revoked a substantial quantity of 14.87 crore shares valued at nearly Rs 8,638 crore, as calculated using Tuesday’s closing price of the stock.
Adani Power promoters' pledge had increased by 30 bps according to the March quarter data. Promoters' were 15.9% in the December quarter, which increased to 16.1% in Q4 FY24.
At the beginning of the month, Adani Power had reported a multifold rise in (PAT) at Rs 4,645 crore compared with Rs 13 crore in the corresponding quarter last year while its consolidated total for the quarter soared 93% YoY to Rs 13,308 crore.
Adani Power, a part of the diversified , is the largest private thermal power producer in India having a of 15,250 MW comprising thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, and a 40 MW solar power project in Gujarat.
The shares of the thermal power stock have delivered nearly 370% return in the last one year while it has increased by 209% in the last 6 months.
Technically, the stock is performing above all its significant moving averages with a mid-range RSI.
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Source: Stocks-Markets-Economic Times
