Logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, Gujarat. FILE
| Photo Credit: REUTERS

Shares of all Adani Group companies tumbled on Tuesday as the initial trend showed BJP winning a lesser number of seats than predicted in exit polls.

The stock of Adani Ports plummeted 20 per cent, Adani Energy Solutions plunged 19.80 per cent, Adani Power slumped 19.76 per cent, Ambuja Cements tumbled 19.20 per cent and the group’s flagship firm Adani Enterprises tanked 19.13 per cent on the BSE.

Erasing the record-rally of the previous trade, the 30-share BSE Sensex dropped 4,131.44 points or 5.40 per cent to 72,337.34, and the Nifty slumped 1,263.3 points or 5.43 per cent to 22,000.60.

Shares of all Adani Group companies rallied sharply on Monday, with Adani Power surging nearly 16 per cent in line with a massive surge in the equity market, taking the combined market valuation of the ten listed firms to Rs 19.42 lakh crore.

The stock of the majority of the group firms, including Adani Enterprises, Adani Ports, Adani Power and Adani Green, also bounced back to their pre-Hindenburg Research report levels on Monday.

The BJP-led NDA was ahead with leads in 296 seats and the opposition INDIA bloc not far behind in 227 seats as votes were counted for the Lok Sabha elections on Tuesday, setting the course for a third consecutive term as prime minister for Narendra Modi but with a stronger opposition.

While the BJP was ahead in 236 of 542 seats, the Congress had leads in 97, signalling a dip for the ruling party from the 303 score in 2019 and a spike for the opposition party’s 52 from the last election. An election marked by acridity and acrimony could end with the treasury benches in reduced numbers and an opposition with more teeth.

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In trends available till 11.45 am, the NDA was close to the 300 mark, comfortably over the magic figure of 272 with the opposition INDIA bloc making significant gains.

Shares of all group companies surged on Friday by up to 14 per cent after US brokerage Jefferies put a bullish view on the group that is back to an expansion spree with a planned USD 90 billion capital expenditure over the next decade.

New Delhi:

Adani Electricity Mumbai Ltd on Thursday signed an agreement to acquire 100 per cent stake in Pointleap Projects Pvt Ltd (PPPL) for a consideration of Rs 13.15 crore.

Adani Electricity Mumbai Limited (AEML) is a subsidiary of Adani Energy Solutions Ltd (AESL).

“AEML today executed Share Purchase Agreement (SPA) with Windson Projects LLP (WPLLP) for acquiring 100 per cent equity shares of PPPL,” AESL said in a regulatory filing.

The acquisition is expected to be completed within 4-5 working days from the execution date of SPA, it said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

New Delhi:

Adani Energy Solutions on Monday said it has commissioned the Khargar-Vikhroli transmission line to supply an additional 1,000 MW of power to Mumbai city.

“Kharghar Vikhroli Transmission Ltd (KVTL), which will enable additional power to be brought into Mumbai and thus enable in meeting the city’s growing and future electricity demand, is commissioned,” a company statement said.

Built by Adani Energy Solutions Ltd (earlier known as Adani Transmission Ltd) — the energy solution, transmission and distribution arm of the Adani group — the project is critical for Mumbai, as the existing capacity of the transmission corridor is not sufficient to carry further power into the city, it stated.

Mumbai witnessed grid failure twice recently – on February 27, 2022, and October 12, 2020 — localities across the metropolis went dark for a considerable period, it noted.

The Kharghar-Vikhroli line will bring an additional 1,000 MW of reliable power to Mumbai city as a solution to mitigate any such incidents in the future, it noted.

With this project’s commissioning, Mumbai gets a 400 KV grid within its municipal geography, bringing enhanced import capability within its electricity grid and improving reliability and stability, it stated.

For consumers, it provides much more sustainability to commuting through bullet trains, metro rail and city railways, and also for commercial and residential establishments.

The KVTL comprises approximately 74 circuit kilometres of 400 kV and 220 kV transmission lines, along with a 1,500 MVA 400kV Gas Insulated Substation (GIS) at Vikhroli, the first 400KV substation of its kind in Mumbai.

Occupying approximately 9,500 sq m area, it has the most compact design when it comes to 400 KV substations. Its unique design vertically stacks 400kV and 220kV GIS, thus minimising space requirements.

The project starts in the Kharghar area of Navi Mumbai, traverses through its urban locations and terminates at Vikhroli in Mumbai city.