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

Adani Power’s share price broke its six-day losing streak on Thursday to hit the upper circuit at ₹196.80 at the BSE.

What Happened: The stock was mute in the first half of the day but picked up pace in the second half of the day. The stocks also received a positive boost in the late hours of trading on Thursday when the company announced that it had entered into a power supply agreement with MPSEZ Utilities Limited.

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The company in a regulatory filing said that it has entered into a long-term Power Supply Agreement with MUL for a capacity of 360 MW to be supplied from the company's 4,620 MW power plant at Mundra, Dist. Kuchchh, Gujarat for 15 years.

The company had earlier this month informed that it started supplying electricity to Bangladesh from its Jharkhand plant. The deal between the two entities dates back to 2017.

The company has been struggling at the bourses since the Hindenburg report came out leveling serious serious allegations against the Gautam Adani led-Group. Since the release of the report, Adani Power shares have slumped over 25%.

Price Action: Adani Power’s share price was up 4.99% to close at ₹196.65 on Thursday at the NSE.

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Posted In: MoversTrading IdeasAdani GroupAdani Power