Adani Company shares, which were trading in the red last week as a result of the latest revelations by Hindenburg which claimed that funds linked to the company were frozen by Swiss authorities, have bounced back somewhat.
Adani got a big deal
This is even more true in the case of Adani Green Energy and Adani Power shares. The company’s shares rose more than 5 percent in the early hours of the intraday trading session on Monday. This development happened when Adani Energy received a letter of intent from Maharashtra State Electricity Distribution Company Limited for the supply of 6600 MW hybrid solar and thermal power.
The company provided this information through an exchange filing on September 15. In the exchange filing, the company said, “MSEDCL has issued a letter of intent to Adani Power for 6600 MW.”
The statement further said, Adani Green will sign a long-term power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) under a Letter of Intent (LOI) to supply 5 GW (5,000 MW) of solar power.
Further, the statement also said, “Adani Power will sign a long-term power supply agreement (PSA) with MSEDCL for supply of 1496 MW (net) thermal power to the state of Maharashtra from a new 1600 MW ultra-supercritical thermal power project.”
When we look at the stocks of the companies involved, the share prices of Adani Power and Adani Green Energy moved in the green.
Adani Green Energy Shares
At the time of writing, the shares of both companies rose by more than 6 per cent in value. At 11:48 IST, shares of Adani Green Energy rose by 6.78 per cent or Rs 121.30. This took the total value to Rs 1,909.50.
Adani Power Shares
The company’s shares rose by a massive 6.48 per cent or Rs 41.05 per share. The total value of Adani Power Limited shares as a result of this deal became Rs 674.50 per share.
