Home Business Adani Transmission Hits Fresh 52-Week High; Surpasses ITC, Bharti Airtel’s MCap

Adani Transmission Hits Fresh 52-Week High; Surpasses ITC, Bharti Airtel’s MCap

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Adani Transmission Hits Fresh 52-Week High; Surpasses ITC, Bharti Airtel’s MCap

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Adani Transmission Share Price: Adani Transmission, the power transmission company of Gautam Adani Group company, today climbed to a 52-week high in early morning session. The Adani Group stock opened higher and later hit a new 52-week high of Rs 3,528 per share levels on the BSE. It surpassed the fast-moving consumer goods (FMCG) firm ITC in market capitalisation (m-cap) ranking as the stock hit a new high on the BSE in Wednesday’s intra-day trade.

While ascending to new 52-week high, Adani Transmission shares’ market capitalisation surpassed the market capital of ITC and Bharti Airtel. Now, Adani Transmission shares are placed at the 11th spot in the list of most valuable Indian stocks in terms of market value.

Adani Transmission shares had ended on Tuesday with a market cap of Rs 3,81,671.40 crore, which now has ascended to Rs 3,88,024.13 crore in early morning session on Wednesday leaving ITC and Bharti Airtel behind. Now, ITC shares are placed at 13 spot in the list of Indian’s most valuable listed companies in terms of market capital with Rs 3,78,925.11 crore while Bharti Airtel is placed at 12th spot with a market cap of Rs 3,83,835.17 crore. These latest market cap figures are available on the BSE website — bseindia.com.

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 a 1.4 per cent decline in the Sensex. Further, in past one year, the stock skyrocketed nearly 280 per cent, as compared to an 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.

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