Why This Adani Stock Is Upbeat Today

Shares of Adani Transmission continued to make gains for the third straight day as the company posted its business update for the quarter ended June.

What Happened: The Adani Group company increased its customer base to 31.3 lakh from 30.8 lakh in the same quarter last year. The company also added 550 circuit km to the operational network in Q1 with total network of 19,778 ckm.

The energy company sold a total of 275.4 crore units up 7.61% from the 2,560 crore units it sold in the year-ago period. The company’s power transmission capacity also increased to 46,001 megavolt amperes (MVA) from 40,001 MVA in the June quarter of 2022.

See Also: Gautam Adani Calls Hindenburg Report “Malicious And Deliberate Attempt” To Damage Reputation

The company also received LOA for three smart metering projects in Andhra Pradesh totalling
27 lakh smart meters with a contract value of ₹3,700 crore billion during the quarter.

The company’s scheduled to hold its AGM later today.

Price Action: Adani Transmission’s share price was up 1.65% to trade at ₹795.65 as the markets opened on Wednesday.

Read Next: If You Invested ₹10,000 In Adani Wilmar A Month After Hindenburg Report, Here’s How Much You’d Have Today

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