Adani Power Hits Upper Circuit: What's Going On?

Adani Power share price continued to make gains for the seventh straight session on Friday.

What Happened: Shares of the Adani Group company jumped 5% on Friday to hit the upper circuit on Friday. It is, however, not immediately clear what’s driving the surge today, the company did score a major legal win last week.

See Also: When Will Tata Power Share Price Go Up?

The Supreme Court had dismissed several pleas filed by the Maharashtra State Electricity Distribution Company Limited, Rajasthan Distribution Companies (DISCOMs), and Haryana DISCOMs against the power company. The company also announced entering into a power supply agreement with MPSEZ Utilities Limited for 15 years.

The surge comes as all of the Adani Group stocks were surging today. The stock that was one of the hardest hit Adani Group stock after the Hindenburg report came out earlier this year. The company that had lost over 50% of its market value has recovered quite a bit. However, the stock is still down over 20% since the report came out on January 24.

Price Action: Adani Power share price was up 5% to hit upper circuit at ₹224.85.

Read Next: Is Olectra Greentech Share A Good Buy At Current Price?

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: MoversTrading IdeasAdani GroupAdani Power