The Adani company shares that were trading in red last week, as a result of the latest Hindenburg revelation, which claimed that funds associated with the company were frozen by the Switzerland authorities, have made some comeback.
Adani Bags a Major Deal
This is more true in the case of the shares of Adani Green Energy and Adani Power. The company shares gained by over 5 per cent in the early hours of the intraday trading session on Monday. This development came to pass after Adani Energy received a Letter of Intent for supply of 6600 MW hybrid solar and thermal power from the Maharashtra State Electricity Distribution Co. Ltd.
The company made this information available through an exchange filing, filed on September 15. In the exchange filing, the company said, "MSEDCL issues Letter of Intent for 6600 MW to Adani Power."
The statement further read, Adani Green will sign a long-term Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) under the Letter of Intent (LOI), for supply of 5 GW (5000 MW) solar power."
In addition, the statement also said, "Adani Power will sign a long-term Power Supply Agreement (PSA) with MSEDCL for supply of 1496 MW (net) thermal power to Maharashtra state from a new 1600 MW Ultra-supercritical thermal power project."
When we look at the shares of the companies involved, the share prices of Adani Power and Adani Green Energy shot up in green.
Adani Green Energy Shares
At the time of writing, both companies stock value rose by over 6 per cent. At 11:48 IST, the Adani Green Energy shares rose by 6.78 per cent or Rs 121.30. This took the overall value to Rs 1,909.50.
Adani Power Shares
The company shares rose by a mammoth 6.48 per cent or Rs 41.05 per share. This surge, as a result of the deal, took the overall value of the Adani Power Ltd shares to Rs 674.50 per share.
