While the benchmarks and broader indices are trading in red or muted on Monday, the stock of Adani Power rose as much as 5 percent to Rs 154 apiece compared to its previous close of Rs 146.7.
The rally in the stock comes after the company announced bagging a 1600 MW thermal power supply order from Maharashtra Electricity Distribution Company Ltd (MSEDCL).
The stock was trading at Rs 150, which is 2.2 percent higher than the previous close.
In a stock exchange filing on Sunday, Adani Power said that the company has bagged a 1600 MW thermal power supply contract from Maharashtra State Electricity Distribution Company.
“This is to inform that Adani Power Limited has received a Letter of Award from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for supply of 1600 MW Thermal Power under a long-term Power Supply Agreement, upon APL being declared as the successful bidder in terms of the tender invited and issued by MSEDCL,” the company said in the exchange filing.
It said that the power supply contract will be for a period of 25 years. “The contract award is for supply of power from a 1600 MW thermal power project for a period of 25 years, with the first year’s quoted tariff of Rs 5.30/kWh,” the company said.
The LoA follows Adani Power’s success in a highly competitive bidding process, where the company emerged as the lowest-tariff bidder, it added.
On the occasion, the chief executive officer of Adani Power SB Khyalia said that the company would continue to play a key role in meeting India’s rising need for energy.
“With India’s power demand continuing to rise steadily, long-term and reliable capacity addition is critical to ensure energy security,” said Khyalia.
“This LoA from MSEDCL reflects the competitiveness of Adani Power’s cost structure, our ability to deliver dependable baseload power and our commitment to supporting India’s growing electricity needs through long-term partnerships. As India's leading private power producer, we are keen to support Maharashtra’s and the nation's ambitious development goals with reliable and affordable electricity supply.”
