Why are Adani Power share price up 7% today? Explained
The supply will originate from a planned 2×800 MW (1,600 MW) thermal power project in Uttar Pradesh, developed under a competitive bidding framework. The contract, awarded through UPPCL's standard tendering process, aligns with state procurement guidelines.
Though financial specifics of the order were not disclosed, Adani Power confirmed that the tariff would be governed by the bid terms. Importantly, the company clarified that the project falls under domestic procurement and does not involve any related party interest from Adani Group promoters.
The stock jumped as much as 7% intraday following the announcement, reflecting investor confidence in the company's expanding portfolio of long-term power purchase agreements. The stock exchanges had previously advised the company to issue a revised disclosure after its initial announcement on May 10, which was complied with today.
The development strengthens Adani Power's standing as a key private sector player in India's thermal power sector, particularly in long-term, state-backed supply agreements.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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