Adani Power market cap tops ₹1 lakh cr, sixth group company to do so
Premium- Adani Power, a part of the diversified conglomerate Adani Group, is the largest private thermal power producer in India with a capacity of 12,450 MW.
Adani Power has entered the coveted ₹1 lakh crore market cap club on Monday, according to the data available with the exchanges. The company's shares hit a fresh high of ₹272.05 today, rising 5% in a weak market.
Adani Power, a part of the diversified conglomerate Adani Group, is the largest private thermal power producer in India with a capacity of 12,450 MW. It has thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, and Chhattisgarh and a 40 MW solar power project in Gujarat.
Adani Power shares have risen by as much as 170% so far in 2022 (On a year-to-date basis) and over 210% in the last one year period.
Adani Power is the sixth Adani Group Company to have a market capitalisation of over ₹1 lakh crore. Other group companies include Adani Green Energy ( ₹4.41 lakh crore), Adani Transmission ( ₹2.87 lakh crore), Adani Total Gas ( ₹2.66 trillion), Adani Enterprises ( ₹2.51 lakh crore), APSEZ ( ₹1.82 lakh crore).
Edelweiss Alternative & Quantitative Research believes that Adani Power along with two other companies may make it to the MSCI India index. The MSCI index review announcement is likely on May 13 and the re-balancing could be from May 31.
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“Going by our past experience of analysing semi-annual reviews, we believe that the MSCI May 22 SAIR market cap cut-off date has already been selected in the previous week. In the week gone by , we saw immense price volatility in all the potential inclusion names which led them to trade on and around market-cap cut off levels," Edelweiss said in a note.