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HindustanTimes Sat,19 Apr 2014

Adani Power shares rally 15% amid report of tariff hikes

PTI  Mumbai, April 03, 2013
First Published: 12:40 IST(3/4/2013) | Last Updated: 13:22 IST(3/4/2013)

Shares of Adani Power soared nearly 15% on Wednesday, in early trade amid a media report that power sector regulator CERC gave a breather to the company on the issue of supply of electricity from its imported coal-based power project at Mundra in Gujarat.

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Following the buzz, shares of the company opened higher and further jumped 14.72% to Rs. 50.25 on the BSE. At NSE, the scrip zoomed 14.87% to Rs. 50.20. Led by the sharp uptick in the share price, the market value of the company shot-up by Rs. 1,376 crore to Rs. 11,846 crore.

Buying was also seen in other power companies, with Tata Power trading 4.67% higher and Reliance Power (3.12%).

As per a media report, CERC called for a variable compensatory tariff akin to a compensation package to be offered to Adani Power till the fuel situation stabilises.

Meanwhile, in the broader market the BSE benchmark Sensex was trading at 19,010.89, down 30.06 points at 11:40 am.

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