Adani Group companies took center stage on September 11, displaying remarkable intraday gains, with Adani Power, Adani Ports, and NDTV leading the charge. These stocks exhibited a robust performance, marking a surge of up to 10 percent in a single trading day.
Leading the Charge
Adani Power, India’s largest private thermal power producer, witnessed a notable 8 percent rise, trading at Rs 397.30. This surge extends its positive streak for the seventh consecutive day, amassing a remarkable 24 percent gain during this period. Adani Power boasts a thermal power capacity of 15,250 MW, distributed across eight power plants spanning Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand. Additionally, the company operates a 40 MW solar power plant in Gujarat.
Adani Enterprises’ Green Energy Venture
Adani Enterprises garnered attention by trading at Rs 2,617, reflecting a substantial increase of 3.88 percent. The company recently announced the formation of a joint venture with Japanese trading house Kowa Group to market green ammonia and green hydrogen produced by the Indian conglomerate. Adani and Kowa will each hold a 50-50 percent stake in this promising venture.
Government’s Focus on the Power Sector
The Government of India has placed a significant emphasis on achieving ‘electricity for all,’ resulting in accelerated capacity additions and the expansion and fortification of power transmission and distribution networks nationwide. Despite these efforts, India’s per capita annual electricity consumption in FY22 stood at 1,255 kWh, trailing behind global averages and other developing nations like South Africa and Brazil. The Indian power sector is poised for rapid growth, driven by initiatives such as Make-in-India, the Production Linked Incentive (PLI) scheme, increased industrialization, and the government’s commitment to enhancing living standards and income levels.