Shares of Adani Energy Solutions Ltd (AESL), earlier known as Adani Transmission are in news today after the firm said its arm has executed a Share Purchase Agreement (SPA) with Adani Properties Private Limited (APPL) for buying 100% Equity Shares of Superheights Infraspace Private Limited (SIPL).
Adani Energy Solutions stock zoomed 1.69% to Rs 805.65 on Friday against the previous close of Rs 792.25 on BSE. Market cap of the firm climbed to Rs 96,781 crore.
Total 1.03 lakh shares of Adani Energy Solutions changed hands amounting to a turnover of Rs 8.26 crore.
Adani Energy Solutions shares have a one-year beta of 1.7, indicating high volatility during the period.
In terms of technicals, the relative strength index (RSI) of Adani Energy Solutions stands at 53, signaling it's trading neither in the overbought nor in the oversold zone. Adani Energy Solutions stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day but lower than the 100 day, 150 day and 200 day moving averages.
The object of acquisition is to set up 220kv Extra High-Voltage (EHV) substation.
"Adani Electricity Mumbai Limited (AEML), a material subsidiary of the Company, has today at about 5.00 p.m. executed Share Purchase Agreement (SPA) with Adani Properties Private Limited (“APPL”) for acquiring 100% Equity Shares of Superheights Infraspace Private Limited (“SIPL”). SIPL holds development rights of land admeasuring 3,000 square meters situated at Bandra Kurla Complex (‘BKC’) and AEML is developing 220kv Extra High-Voltage (EHV) substation on said land under the regulatory approvals," said the firm on January 17.
Adani Energy Solutions is the country’s largest private transmission company, with a presence across 16 states of India and a cumulative transmission network of 19,800 ckm and 53,000 MVA transformation capacity. In its distribution business, Adani Energy Solutions serves more than 12 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ.