Adani Power shares spike 5% on growth focus, capex plans

Shares of Adani Power jumped nearly 5 percent in early trade on August 22 after the announcement of growth objectives of the company during an investor presentation.

At 10am, the Adani Power stock was trading 3.69 percent higher at Rs 336.34 on the BSE.

The Gautam Adani-group power company has a target to raise the thermal generation capacity up to 21,110 MW by FY29, including 1,100 MW through inorganic route. Adani Power expects its net senior debt to rise to Rs 26,690 crore in FY24, from Rs 24,350 crore in FY23. But, it expects net senior debt to EBITDA to fell from 1.7x to 1.6x during the same period, according to a filing with the BSE on August 21.

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Shareholding Pattern

Promoters of the company hold the majority stake in the company at 74.97 percent. Public, FIIs and DIIs hold the remaining 13.04 percent, 11.95 percent and 0.04 percent.

Stock Performance

The Adani Power stock has given a return of 107.23 percent over the last six months and has outperformed the benchmark Nifty50 index significantly which has gained 10.02 percent over the same duration.

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