Why This Adani Stock Is Upbeat Today

Shares of Adani Energy Solutions (formerly Adani Transmission) continued to make gains for the third straight session on Friday.

What Happened: The Adani Group company’s shares were upbeat in early trade as the company informed the exchange about several updates. The energy company, in a regulatory filing, said that it had initiated arbitration proceedings against Gujarat Energy Transmission Corporation Limited (GETCO) claiming an amount of around ₹100 crore in respect of work performed for the supply and erection of 400kV D/C MundraZerda transmission line.

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The company also announced that it has entered into definitive documents with Megha Engineering & Infrastructures Limited for the acquisition of KPS 1 Transmission Limited. As per the company, KPS1 will aim to implement KPS1-Khavda PS GIS (KPS2) 765 kV double circuit line & augmentation of Khavda PS1. The company expects the acquisition to be completed within 15 days.

Price Action: Adani Energy Solutions’ share price was up 1.02% to trade at ₹830.55 at market open on Friday.

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Posted In: M&ANewsLegalMoversTrading IdeasAdani Energy SolutionsAdani GroupAdani Transmission