Adani Power share price broke four-day losing streak, rising 6 percent in the early trade on May 12 following power supply order win from Uttar Pradesh Power Corporation.
At 09:20am, Adani Power was quoting at Rs 545.30, up Rs 31.80, or 6.19 percent, on the BSE.
".... has received a Letter of Award (LoA) from Uttar Pradesh Power Corporation Limited (UPPCL) for procurement of 1,500 MW from a new thermal power project of 2x800MW (1600 MW) installed capacity situated in the State of Uttar Pradesh for a period of 25 years." company said in its release.
The company will supply power at a highly competitive tariff of Rs 5.383 per unit from a greenfield 2x800 MW (1500 MW net) Ultra-supercritical power plant to be set up under the design, build, finance, own, and operate (DBFOO) model in the state.
“We are happy to have won the competitive bid to supply 1,500 MW power to UP state and feel privileged to play a leading role in meeting the state’s rapidly growing power demand. We plan to set up a modern and low emission Ultra-supercritical plant in UP and aim to begin supplying reliable and high-quality power by FY30,” said S.B. Khyalia, Chief Executive Officer, Adani Power.
Khyalia said the company would invest USD 2 billion in setting up the plant and related infrastructure.
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This is second major PSA bid won in the last one year, after receiving the composite 6,600 MW (1600 MW thermal and 5000 MW solar) LoI from Maharashtra State Electricity Distribution Company (MSEDCL) in Sep 2024, which subsequently has been converted into a PSA, company added.
The company had reported a 4 percent decline in net profit at Rs 2,637 crore for the March quarter against Rs 2,737 crore in the year-ago period.
Its revenue from operations rose 6.5 percent to Rs 14,237 crore.
The share touched a 52-week high of Rs 896.75 and a 52-week low of Rs 430.85 on 03 June, 2024 and 21 November, 2024, respectively.
Currently, the stock is trading 39.23 percent below its 52-week high and 26.48 percent above its 52-week low.
The market capitalisation of the company stands at Rs 210,183.89 crore.
The share price declined 21 percent in the last 9-month.
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