Adani Power’s share price remained in the green on Friday even as several other Adani Group stocks slumped in early trade.
What Happened: The stock that hit the upper circuit yesterday remained resilient on Friday as the company score a massive win in the courts. The power generation company informed the exchanges that Supreme Court had dismissed several pleas filed by Maharashtra State Electricity Distribution Company Limited, Rajasthan Distribution Companie (DISCOMs), and Haryana DISCOMs against the company.
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The SC has upheld various orders of the Hon'ble Appellate Tribunal for Electricity and dismissing the appeal of the Maharashtra State Electricity Distribution Company Limited against three orders of the company, and an appeal of Rajasthan Distribution Companies ("DISCOMs") against two orders of APTEL, and an appeal of Haryana DISCOMs against three orders APTEL, the company said in a regulatory filing.
The news comes on the heels of the company entering into a power supply agreement with MPSEZ Utilities Limited for 15 years.
At the time of writing, Adani Power’s share price was trading in the green along with NDTV shares while all other eight Adani Group stocks were in the red.
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Price Action: Adani Power’s share price was up 0.49% to trade at ₹196.75 in the early hours of trading on Friday.
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