Adani Transmission shares in focus today on plan to supply green power to Mumbai

Shares of Adani Transmission Ltd were in focus today after the Adani Group firm disclosed updates for its subsidiary Adani Electricity Mumbai Ltd. In its business update, AEML said its consumers would have proud distinction to be among the few globally to source a significant share of electricity from renewable energy sources (60% by 2027). Scaling renewable energy supply is part of the company’s strategy to provide reliable, affordable and sustainable electricity to consumers, it added.

Meanwhile, shares of Adani Transmission slipped 2.64% to Rs 1015.20 against the previous close of Rs 1042.75 on BSE. The stock opened lower at Rs 1037 on BSE today. Adani Transmission shares are trading higher than the 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages. The stock has lost 61.1 percent in a year and fallen 59.72 percent since the beginning of this year.

Total 0.32 lakh shares changed hands amounting to a turnover of Rs 3.32 crore on BSE. Market cap of the firm fell to Rs 1.16 lakh crore. The large-cap stock hit a 52-week high of Rs 4238.55 on September 16, 2022 and a 52-week low of Rs 630 on March 1, 2023.

Adani Electricity Mumbai said capital expenditure of Rs 1,310 crore for FY 2023 has been fully funded through internal accruals without any debt incurrence. The company had surplus cash of about Rs 800 crore as on March 31, 2023.

Shares of Adani Transmission are trading 75% lower to their 52-week high. The Hindenburg report, which was released on January 24 this year, led to weak sentiment around the Adani Group stocks. In response, the Group called Hindenburg report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors.

Adani Group had said that the timing of the Hindenburg report's publication clearly betrays a brazen, mala fide intention to undermine the group's reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which was the biggest FPO ever in India.

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