Adani Power To Invest Rs 500 Cr In Solar Project (04-Jun-2010)
Adani Power Ltd. is eyeing to make an investment of around Rs. 500 crore for generating a 40 Mw of solar thermal power project in Banaskantha district of North Gujarat by 2012.
Last week, Adani Power Ltd. has inked a Memorandum of Understanding (MoU) with Gujarat Urja Vikas Nigam Ltd (GUVNL) for this project.
Till date, Adani Power was engaged in developing 20,000 Mw of coal-based thermal power in various phases.
Also, the company at present is finalising the acquisition of photovoltaic equipment for the Banaskantha project.
Under the Solar Energy Policy – 2009, the Gujarat Government had decided to create 500 MW of power through solar energy, and has allotted 716 MW of solar capacity to 34 national and international project developers this year.
Where, 365 MW of solar photovoltaic and 351 MW of solar thermal technology projects are developed by 24 and 10 developers respectively.
Adani Power Ltd. is currently trading at Rs. 118.25, down by Rs. 0.95 or (0.80%) at 3:00 PM on BSE.
The stock hit an intraday high of Rs. 120 till now, as against the 52-week high of Rs. 128.80. The stock hit a low of Rs. 118.05 during the day. The stock had hit a 52-week low of Rs. 90.25 on 5th November 2009.
The stock opens at Rs. 120 at BSE. The total traded volume of the scrip on BSE till now stood at 62883.
Meanwhile today, the BSE Sensex is trading up by 83.46 points or (0.49%) at 17,105.79.
The Nifty is trading up by 27.35 points or (0.54%) at 5,137.85.
Adani Power Ltd. has an equity capital of Rs 2,180.04 crore as of 2010 March. The face value per share is Rs 10. At the current price of Rs 118.25, the P/E multiple stood at 151.72 with book Value of 12.83 and P/BV at 9.22.
The total shareholding pattern of the company as on Dec 2009 stood at Promoters- 73.50%, Institutional Investors- 9.57%, General Public- 3.51% and other investors- 13.42%.
Considering the current price of Rs. 118.25 at 3:00 PM, the stock had underperformed the market over the past one month till 04/06/2010 fell 5.25% as compared to the Sensex''s return of 0.1% and NSE Nifty''s 0.1 % returns.
Considering the current price of Rs. 118.25 at 3:00 PM, the stock had outperformed the market over the past one quarter till 04/06/2010 surged 9.59% as compared to the Sensex''s return of 0.02% and NSE Nifty''s 0.02 % returns.
Adani Group is exploring opportunities largely in emerging markets where demand for power is in high demand. The group has experience of managing the entire value chain starting from mining to transmission, with international exposure and network for trading and mining.
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