PTC India shares hit 5% upper circuit as Gautam Adani races to buy stake

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January 9, 2023
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This deal is said to help Adani Group bolster its grip on India’s energy value chain

Over the past one year, the scrip was up over 120 percent, while over a period of three years, it rallied more than 1,800 percent.

Shares of PTC India were locked in their 5 percent upper circuit at Rs 87.45 on the BSE as Gautam Adani is reportedly vying for a stake in the power trader. Meanwhile, shares of Adani Enterprises rose over one percent today reacting to the news.

Shares of the conglomerate had settled 0.14 percent lower at Rs 3,824.25 on the NSE on Friday. The stock has given stellar returns over a long period of time. At 10:18 am, the scrip was trading at Rs 3,870.10, up 1.2 percent, on the BSE.

Over the past one year, the scrip was up over 120 percent, while over a period of three years, it rallied more than 1,800 percent.

A stake for sale in PTC India Ltd is attracting initial interest from potential suitors, including Asia’s richest man Gautam Adani, Bloomberg reported, citing people familiar with the development.

PTC India is a pioneer in starting a power market in India and undertakes trading activities, which include long-term trading of power generated from large power projects, as well as short-term trading arising as a result of supply and demand mismatches.

Read here | Stock Market Today: Top 10 things to know before the market opens today

Adani is among possible bidders reviewing preliminary information on the business, while other Indian conglomerates are also evaluating whether to bid, the report said.

The conglomerate has significant interests in India’s energy sector through coal mining and trading businesses, as well as electricity transmission and distribution services through Adani Transmission. And, this deal would help Adani Group bolster its grip on India’s energy value chain, the report said.

Billionaire Gautam Adani has said he is very bullish about India and sees the economy growing to as much as $30 trillion by 2050, he recently told India TV.

Track today’s market coverage here.

Moneycontrol News

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