Adani Transmission, set to announce its June quarter results on Monday, saw a spike in its share price on Friday on the back of a rebranding to Adani Green Solutions Limited.
What Happened? Adani Transmission informed the stock exchange that the name change became effective on July 27, following a “Certificate of Incorporation pursuant to a change of name” they received from the Ahmedabad registrar of companies.
The rebranding by the Adani Group doesn’t alter any stakeholder rights or liabilities. Adani Green Solutions must display its old name alongside its new one for two years, wherever its name appears, as per Section 12 of the Companies Act.
The conglomerate first announced the intended name change on May 29, saying it would require approval from shareholders, the Ministry of Corporate Affairs, and other regulatory authorities.
Adani Transmission Q1 Preview: In an earlier Adani Enterprises’ annual general meeting, Gautam Adani reported that the company’s transmission business was outpacing the market and projected an 18% increase in revenues, exceeding ₹4,000 crore in annuity income. He highlighted that their Mumbai distribution business achieved a 99.99% reliability rate, ranking first by the Union Ministry of Power.
In June, shareholders approved Adani’s proposal to raise up to ₹8,500 crore by issuing equity shares. The company reported an 85.48% increase in its consolidated net profit, totalling ₹439.60 crore for the March FY23 quarter, buoyed by higher income.
Price Action: Adani Transmission shares were up 1.06% on Friday afternoon at ₹813.50.
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