Adani Transmission shares in focus as Adani firm changes name to Adani Energy Solutions

Ahead of its June quarter results on Monday, Adani Transmission Limited has changed its name to Adani Energy Solutions Limited. In a filing to stock exchange, Adani Transmission said the change in the name is effective from July 27, pursuant to the even dated “Certificate of Incorporation pursuant to change of name” received from the registrar of companies (ROC), Ahmedabad.

The change of name by the Adani group firm does not affects the rights and liabilities of stakeholders pursuant to such change of name. It is obligatory on the part of the Adani Energy Solutions to display the old name of the company for a period of two years along with its new name at all places wherever the company is required to display its name in terms of Section 12 of the Act.

Adani Transmission had announced about the change of name on May 29. In a filing to BSE, the company had said: "It was also approved to Change the name of the Company from “Adani Transmission Limited” to “Adani Energy Solutions Limited” subject to approval of shareholders, Ministry of Corporate Affairs (MCA) and such other applicable statutory / regulatory authorities."

At Adani Enterprises' AGM, earlier this month, Gautam Adani had said that Adani Transmission was accelerating, with the transmission business continuing to grow faster than the market. He noted that Adani Transmission's revenues are anticipated to expand 18 per cent and cross Rs 4,000 crore in annuity income.

"I am also very pleased to state that ATL’s Mumbai distribution business achieved reliability of 99.99 per cent and was ranked the No.1 discom by the Union Ministry of Power. ATL will also take Mumbai to 60 per cent renewable power making it the first mega city in the world to achieve over 50 per cent power from solar & wind."

In June, Adani Transmission got shareholders' approval to raise up to Rs 8,500 crore through issuance of equity shares on qualified institutional placement basis.

Adani Transmission Ltd has posted an 85.48 per cent jump in its consolidated net profit to Rs 439.60 crore during March FY23 quarter, helped by higher income.

The total income of the company increased to Rs 3,494.84 crore from Rs 3,165.35 crore in the year-ago quarter.

Also read: Marico, Bharat Forge, IGL: How should you trade these buzzing stocks