Adani Power shares close 4% higher, cross Rs 500 mark 

Shares of Adani Power Ltd rose over 5% on Thursday amid reports that the Adani Group firm has resumed full electricity supply to Bangladesh, four months after reduced feed over unpaid dues. The stock ended 4.39% higher at Rs 519.65 on BSE. Market cap of the firm climbed to Rs 2 lakh crore. It rose 5.24% intraday to a high of Rs 523.90. 

A total of 6.21 lakh shares of the Adani Group firm changed hands amounting to a turnover of Rs 31.58 crore on BSE.

In terms of technicals, the Adani Group stock is trading neither in the oversold nor in the overbought zone, signals the relative strength index (RSI) of Adani Power which stands at 44.6.

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

Rezaul Karim, chairman of Bangladesh Power Development Board was cited as saying that the nation was making regular payments to Adani and receiving power as per the requirements. However, Karim did not specify the quantum of payments and any payment about the past arrears. 

The Adani Group firm reduced supply by 50% to Bangladesh on October 31 last year 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.

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.