Adani Power rallies 7% after securing 1,500 MW contract in Uttar Pradesh
Adani Power shares surged 7% to an intraday high of Rs 549.65 on the BSE on Monday after the company announced it had secured a contract to supply 1,500 MW of electricity to Uttar Pradesh from a greenfield ultra-supercritical power plant. The project entails an investment of USD 2 billion.
ADVERTISEMENT The development follows the Uttar Pradesh cabinet's approval of the project earlier this month. Adani Power will now sign a long-term power supply agreement with Uttar Pradesh Power Corporation Ltd (UPPCL) under the Letter of Award (LoA) received on Saturday.
Adani Power, India's largest private thermal power producer, said it won the competitive bid to supply 1,500 MW (net) of thermal power at a tariff of Rs 5.383 per unit. The power will be generated from a 2×800 MW (1,500 MW net) greenfield plant to be developed under the design, build, finance, own, and operate (DBFOO) model.
'We are happy to have won the competitive bid to supply 1,500 MW power to UP 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 and aim to begin supplying reliable and high-quality power by FY30,' said S B Khyalia, CEO, Adani Power.Khyalia added that the company will invest USD 2 billion in the plant and supporting infrastructure. The project is expected to create 8,000–9,000 direct and indirect jobs during construction, and 2,000 jobs during operations.
Also Read: Stocks in news: Tata Steel, Swiggy, Dr Reddy's, Cyient DLM, Thermax, Adani Power
ADVERTISEMENT As per Trendlyne data, the average target price of the stock is Rs 634, which shows an upside of 24% from the current market prices. The consensus recommendation from 3 analysts for the stock is a 'Strong Buy'.
ADVERTISEMENT On Friday, Adani Power shares closed 1.26% lower at Rs 513.5 on the BSE, while the Sensex fell 1.1%. The stock is down 16% in the past 12 months but has surged 114% over the past two years. The company's market capitalisation stands at Rs 1,98,053 crore.
Also Read: 5 timeless Warren Buffett quotes every investor should know
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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