Adani Power up 8% in two sessions on strong Q2 earnings
Shares of Adani Power jumped over 5% to the day's high of Rs 393 on the NSE on Friday sustaining a strong rally on the back of robust September quarter earnings announced on Thursday during market hours.
While it is still early morning trade, the gains for Adani Power stock over the past two trading sessions is nearly 8% supported by significant volumes.
Over 60.55 lakh shares changed hands on the NSE around 10:20 am.
The company on Thursday reported an 848% growth in its net profit for the September ended quarter at Rs 6,594 crore.
The same stood at Rs 696 crore in the year-ago period. The Ahmedabad-based company reported revenue from operations jumped 84% to Rs 12,991 crore in the reporting quarter against Rs 7,044 crore in the corresponding quarter of the previous year.
Consolidated power sale volume in the second quarter stood at 18.1 billion units (BU), up by 65%, mainly due to improved power demand and higher operating capacity.
The multibaggers stock is just 4% shy of its 52-week high of Rs 409.70.
The stock has rallied 194% since hitting its 52 week low of Rs 132.40 on February 28, 2023 in the aftermath of the Hindenburg report.
Continuing EBITDA for the quarter more than tripled to Rs 4,336 crore on the back of greater sales volumes, lower fuel costs, and higher merchant tariffs.
Barring Ambuja Cements, all Adani Group stocks were trading in the green around this time viz. Adani Enterprises, Adani Ports & Special Economic Zone, Adani Wilmar, Adani Total Gas, Adani Energy Solutions, Adani Green Energy, NDTV and ACC which gained between 0.36% and 2.12%.
Meanwhile, the Indian headline indices Nifty50 and S&P BSE Sensex were also trading with gains.
