Adani Power stock rally today has this Bangladesh connection 

Shares of Adani Power rose 4 per cent on Tuesday after a report said Bangladesh has asked the Adani Group firm to fully resume supplies from its 1,600-megawatt plant in India after more than three months of reduced sales. Supplies were halved due to low winter demand and payment disputes, said a report by news agency Reuters. 

The stock climbed 4.18% to Rs 511.85 on BSE. Market cap of the firm climbed to Rs 1.92 lakh crore. 

A total of 5.22 lakh shares of the Adani Group firm changed hands amounting to a turnover of Rs 26.21 crore on BSE.

In terms of technicals, the Adani Group stock is trading neither in the oversold zone, signals the relative strength index (RSI) of Adani Power which stands at 41.8.

Adani Power stock is trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. 

Adani inked a 25-year contract under former Prime Minister Sheikh Hasina in 2017 with Bangladesh. Adani Power has been supplying power from its $2 billion plant in Jharkhand . The plant, with two units each of 800 megawatts capacity, sells exclusively to Bangladesh.

The Adani Group firm halved supply to Bangladesh on October 31 due to payment delays after the nation faced foreign exchange shortage. This led to the closure of one unit on November 1, leading to the plant operating at about 42% capacity. Subsequently, Bangladesh asked Adani to keep supplying only half the power.

The Reuters report cited Bangladesh Power Development Board (BPDB) saying that it has been paying $85 million a month to Adani to clear outstanding dues. It has now told the Adani Group firm to resume supply from the second unit.