Adani Power reported a 42% year-on-year increase in consolidated net profit to Rs 4,806 crore in Q1, with revenue growing 34% to Rs 18,902 crore. The company's board also approved a fundraising of Rs 15,000 crore, driven by rising power demand and higher capacity utilization.
Adani Group stocks surged after the US DOJ dropped criminal charges against Gautam Adani and nephew. The group also settled civil sanctions violation allegations with the US Treasury for $275 million, without admitting guilt.
Adani Power has incorporated a new subsidiary, Rawatbhata-Raj Atomic Energy, to expand its footprint in India's nuclear power sector. This move follows the government's policy shift to allow private sector participation in nuclear energy generation.
Adani Power shares surged over 3% to hit a fresh 52-week high of Rs 205.25 on Monday after its wholly-owned subsidiary Adani Atomic Energy incorporated Coastal-Maha Atomic Energy (CMAEL) on April 13, expanding into nuclear energy. The stock rally of 13% in one week and 35% in one month is also driven by rising expectations of strong summer power demand, with analysts projecting higher coal-fired generation and firm merchant prices.
