With Rs 4.4-trn m-cap, Adani Transmission is India’s 8th most valued firm

has entered the elite club of top 10 most valuable companies in India. The Gautam Adani-led power transmission firm has become the eighth most valued firms in terms of market capitalisation (market cap). At 10:25 am, Adani Transmission’s market cap stood at Rs 4.4 trillion, BSE data shows.

With this, has surpassed the valuation of housing finance company – Housing Development Finance Corporation (HDFC), which has a market cap of Rs 4.31 trillion. The company has also surpassed insurance giant, Life Insurance Corporation of India (LIC; Rs 4.27 trillion), non-banking finance company (Rs 4.33 trillion), and telecom services provider Bharti Airtel (Rs 4.12 trillion), data shows.

In the past one week, shares of have rallied 10 per cent, as compared to 1 per cent decline in the S&P BSE Sensex. On the other hand, HDFC, LIC, and Bharti Airtel slipped in the range of 1 per cent to 2 per cent, during the same period.

In the past one month, the stock price of Adani Transmission has soared 27 per cent, as against 1.6 per cent rise in the S&P BSE Sensex. Moreover, in the last six months, the stock has soared 84 per cent, as compared to 4 per cent gain in the S&P BSE Sensex. Further, in the past one year, the stock has zoomed 162 per cent, as compared to 3 per cent rise in the benchmark index.

Adani Transmission (ATL) is the country’s largest private transmission company with a cumulative transmission network of ~18,795 circuit km (ckm), out of which ~14,651 ckm is operational and ~4,064 ckm is at various stages of construction. ATL also operates a distribution business serving over 12 million consumers of Mumbai and Mundra SEZ.

With India’s energy requirement set to quadruple in coming years, ATL is fully geared to create a strong and reliable power transmission network and work actively towards serving retail customers and achieving ‘Power for All’ by 2022.

ATL has completed Rs 3,850 crore primary equity transactions with International Holding Company (IHC) for 1.4 per cent stake. In April 2022, the company’s board had approved transaction for the issue of 15.68 million equity share of face value of Rs 10 each of the company to Green Transmission Investment Holding RSC on a preferential basis. IHC Capital Holding LLC is the principal shareholder of Green Transmission Investment Holding RSC Ltd, Abu Dhabi, UAE.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Comments are closed.