Adani Power experienced a 5% surge in its share price, reaching its upper circuit for the second consecutive session on Tuesday, April 2, despite a generally weak market. Starting at Rs 574.05, up 2.4% from its previous close of Rs 560.35, the stock swiftly climbed to Rs 588.35, hitting the upper price limit on the BSE.
This continuation follows a parallel 5% surge in the preceding session, which was credited to Adani Power’s disclosure about Reliance Industries, under the leadership of Mukesh Ambani, acquiring a 26% portion of Gautam Adani’s Madhya Pradesh power plant.
Moreover, a contract was established, allowing Reliance Industries to utilize 500 MW of electricity from the plants for internal consumption.
Stock performance in the past year
Throughout the previous year, the stock displayed notable fluctuations, reaching its highest point at Rs 589.30 on December 6 and its lowest point at Rs 185.10 on April 19. However, it has since undergone a remarkable reversal in its trajectory. Currently priced at ₹588.35, the stock has surged by almost 218% from its lowest point in the past 52 weeks.
In April alone, the stock has already witnessed a notable rise of more than 10%, suggesting a possible turnaround from the successive declines observed over the last two months.
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Adani Power’s share price faced a decline of over 2% in February, followed by a nearly 3% decrease in March. Nevertheless, with the recent upward trend, the stock seems positioned for a favorable conclusion to the month, demonstrating a significant recovery.
