26 Mar , 2024 By : Debdeep Gupta
Adani Power shares slip on fresh litigation over coal transport cost, Adani Power stock has surged about 220 percent from its 52-week lows at Rs 166.25 hit in March 2023. Year-to-date, the stock has risen nearly 1 percent, underperforming benchmark Nifty 50 marginally.
Shares of Adani Power edged lower on March 26 after the company announced the disclosure of a new litigation matter. The Maharashtra State Electricity Distribution Company (MSEDCL) has filed a petition with the Maharashtra Electricity Regulatory Commission (MERC) about how to calculate domestic coal transportation costs.
"The Maharashtra State Electricity Distribution Company has filed a petition with the Maharashtra Electricity Regulatory Commission concerning the interpretation of how the in-land transportation cost is to be computed for domestic coal as contained in MERC’s order dated November 28, 2020, about Adani Power Maharashtra (erstwhile wholly owned subsidiary of the company, amalgamated with the company w.e.f. March 7, 2023) and MSEDCL," Adani Power said in a regulatory filing
Shares of Adani Power were trading half a percent lower at Rs 527.90 on the National Stock Exchange (NSE). The stock has surged about 220 percent from its 52-week lows at Rs 166.25 hit in March 2023. Year-to-date, the stock has risen nearly 1 percent, underperforming benchmark Nifty 50 marginally.
Adani Power is likely to be among the biggest beneficiaries of the semi-annual rejig of NSE Nifty indices, which will take place later this week on March 28, with adjustments on March 27. The stock may attract inflows of around $45 million, the highest due to the NSE rejig, according to analysts.
Earlier in March, the Committee of Creditors of Lanco Amarkantak Power Limited approved the resolution plan submitted by Adani Power. In this regard, Adani Power received a Letter of Intent from Lanco Amarkantak's resolution professional approving the company's resolution plan on March 4, 2024.
0 Comment