August 3, 2022 11:47 AM
Adani Transmission, the power transmission company of Gautam Adani Group company, surpassed the fast moving consumer goods (FMCG) firm ITC and telecom services provider Bharti Airtel in market capitalisation (market cap) ranking as the stock hit a new high on the BSE in Wednesday’s intra-day trade.
At 10:23 AM; with a market cap of Rs 3.88 trillion, Adani Transmission stood at 11th position in the overall market cap ranking of the BSE listed companies, the exchange data shows. Bharti Airtel was at 12th position with Rs 3.83 trillion market cap, while ITC slipped to 13th position with a market cap of Rs 3.77 trillion.
Shares of Adani Transmission hit a new high of Rs 3,529.35, gained 3 per cent on the BSE in intra-day trade ahead of its April-June quarter (Q1FY23) results today.
In the past one week, Adani Transmission has rallied 16 per cent as compared to 3.9 per cent rise in the S&P BSE Sensex. On the other hand, ITC was up 0.38 per cent, while, Bharti Airtel gained 2 per cent during the same period.
In the past one month, the stock price of Adani Transmission has zoomed 45 per cent. In the last six months, the stock has soared 73 per cent, as against 1.4 per cent decline in the Sensex. Further, in past one year, the stock skyrocketed nearly 280 per cent, as compared to 8 per cent rise in the benchmark index.
Adani Transmission (ATL) is the transmission and distribution business arm of the Adani Group, one of India’s largest business conglomerates. ATL is the country’s largest private transmission company with a cumulative transmission network of ~18,795 ckm, out of which ~14,279 ckm is operational and ~4,436 ckm is at various stages of construction. ATL also operates a distribution business serving about 3 million+ customers in Mumbai.
The Indian government is exploring delicensing the business of power distribution through draft amendments of the Electricity Act with the objective to enhance competition and consumer choice, creating attractive opportunities for the nimble, the company said in FY22 annual report.
ATL intends to enter the electricity distribution business in prominent cities and districts, leveraging the experience drawn from its Mumbai distribution network and service. The Company intends to emerge as a leading national electricity distribution utility, providing reliable and competitive supply through innovative service platforms.
Besides, the Government of India and various state governments have undertaken multiple initiatives to promote the adoption of electric vehicles. Adani Electricity Mumbai Limited (AEML) will promote the use of electric vehicles and charging infrastructure. AEML intends to facilitate the development of charging infrastructure through partnerships with bike operators (start-ups), cab aggregators and fleet operators, the company said.