Adani Power, Transmission jump 4 percent after BSE raises circuit limits

The BSE on June 6 revised circuit limits for 477 stocks, including four Adani Group firms. For Adani Green, Transmission and Wilmar, the limit has been raised to 10 percent from 5 percent. Adani Power’s has been increased to 20 percent

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Shares of Adani Group companies like Adani Power and Adani Transmission jumped up to 4 percent in the morning trade on June 7 after the BSE increased the circuit limits for four firms of the Indian conglomerate.

The exchange on June 6 announced a revision in circuit limits for 477 stocks, including Adani Transmission, Adani Green Energy, Adani Wilmar and Adani Power.

For Adani Green Energy, Adani Transmission, and Adani Wilmar, the circuit limits have been revised to 10 percent from 5 percent. Adani Power’s circuit limit has been increased to 20 percent from 5 percent. The changes came into effect on June 7.

Also Read: BSE increases circuit limit for 4 Adani Group stocks, effective today

Shares of Adani Power were trading 4.26 percent up at Rs 274.20 on the BSE at 9.50 am, while Adani Transmission rose 1.67 percent to Rs 829.70 and Adani Wilmar climbed 1.64 percent to Rs 436.95.

Adani Green Energy was trading flat at Rs 992.80.

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Exchanges use a circuit filter to prevent a sharp fall or rise in the price of a stock or an index as a whole. Based on the Securities and Exchange Board of India guidelines, Indian stock exchanges started implementing index-based circuit breakers from July 2, 2001.

The exchanges compute the index circuit breaker limits daily, based on the previous day’s closing of the index.

Adani group stocks have rebounded after a late January report by American short-seller Hindenburg Research, which accused the port-to-power conglomerate of stock manipulation and other wrongdoings, triggered a rout. The group has denied the charges.

Adani Power has soared over 100 percent from its 52-week low of Rs 132.55 reached in February. Adani Transmission is up 32 percent from its 52-week low of Rs 630, while Adani Green Energy has rallied 126 percent.

Flagship Adani Enterprises has rebounded 140 percent from its 52-week low of Rs 1,017.10 hit on February 3 this year.

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