Adani Transmission stock jumps 2% today after securing three smart metering projects in Q1

Adani Transmission stock jumps 2% today after securing three smart metering projects in Q1

Adani Transmission jumped 1.88% to Rs 798 today following the release of the company’s Q1 business update. The Adani Group firm revealed that it had successfully secured three smart metering projects during the quarter. Adani Transmission stock has fallen 2% in the last one month and over 70% in the past six months.

At the current price of Rs 789.05 per share, the company’s market capitalization stands at Rs 88,012 crore. While the stock hit a 52-week high of Rs 4,238.55 on September 16, 2022, it touched a 52-week low of Rs 630 on March 1, 2023.

Regarding its transmission and smart meter business, the Adani Group firm highlighted that it maintained system availability of over 99.8% in Q1 and added 550 km to its operational network during the quarter. As a result, the total network now stands at 19,778 km. Despite facing weakened sentiment around Adani Group stocks following the release of the Hindenburg report on January 24, Adani Transmission shares have been trading 81% lower than their record high. In response to the Hindenburg report, the Group denounced it as maliciously mischievous and unresearched, asserting that it had a detrimental impact on the Adani Group, its shareholders, and investors.

The Adani Group expressed its belief that the timing of the Hindenburg report’s publication was clearly motivated by a brazen and mala fide intention to undermine the group’s reputation, particularly with the objective of damaging the follow-on public offering from Adani Enterprises, which was the largest follow-on public offering ever in India.

(With agency inputs.)