Adani Power touches a new all-time high for the second session in a row on August 17
The shares of Adani Power were locked in an upper circuit of 5% at a new all-time high of Rs 380.40.
The Adani Group of companies experienced a dream rally in D-Street following the CCI’s nod to acquire a stake worth $10.5 billion in Holcim’s India cement business. Adani Enterprise, Adani Power and Adani Transmission have registered new all-time highs on August 16 and August 17 in a row.
After yesterday’s new all-time high of Rs 362.35, shares of Adani Power Ltd continued to witness positive momentum, logging a new all-time high at Rs 380.40. The shares of the largest private thermal power producer in India have hit the upper circuit in back-to-back 2 consecutive sessions with record new all-time highs logged in each session.
Shares of Adani Power have more than trebled investor's returns in just one year and 188.5% in the last six months. Comparatively, the S&P BSE Power index has risen 12.01%, 28.05% and 83.81% in 1 month, 6 months and 1-year period, respectively. In the meantime, the benchmark index Sensex has lagged by rendering returns of 10.6%, 4.16% and 8.08% during the aforementioned periods.
At a CMP of Rs 380.40, Adani Power enjoys a market capitalization of Rs 1.47 lakh crore or $18.4 billion.
As Competition Commission of India (CCI) gave its approval to the acquisition by Endeavour Trade and Investments, an Adani Group company of Swiss cement giant Holcim’s stake in Ambuja Cement and ACC. Adani Group will become India’s second biggest cement manufacturer after the acquisition procedures are fulfilled. Through Holderind Investments Limited, Holcim owns 4.48% of the equity share capital of ACC Limited and 63.11% of the equity capital of Ambuja Cements Ltd. Additionally, Ambuja owns 50.05% of ACC's fully paid equity share capital.
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