On Monday, Adani Power’s stock hit the all-time-high of ₹220.8 on the bourses. It started at ₹207 on the National Stock Exchange (NSE) with the hope that increased demand leads to an increase in the company’s profit
The sky-high shares touched a 52-week highest of ₹220.8 per share. At 2:43 PM, they were trading at ₹215.80 shares per share at NSE.
On April 1, the S&P Bombay Stock Exchange Power Index achieved a 14-year high in intraday trade. It threw the limelight on the shares of power generating and associated companies.
On the Bombay Stock Exchange, companies like Power Grid Corporation, Tata Power, Torrent Power, and JSW Energy have gained between 2% to 4%. While Adani Power, BHEL, and NTPC from the index have advanced between 5% to 10%.
The country witnessed one of the worst electricity shortages in March 2022. There was a shortage of coal supply in five states, including Delhi, and there was a risk of long-term blackouts.
The outpouring of power demand forced India to cut coal supplies to the non-power sector. Because of the shortage in inventory, utilities’ fuel auction plans were put on hold.