Adani Power jumps 10% in two days after Reliance Industries’ stake buy in Madhya Pradesh power project
Adani Power’s share price surged by 5% to hit its upper circuit for the second consecutive session on Tuesday, April 2, despite overall market weakness. Opening at Rs 574.05, a 2.4% increase from its previous close of Rs 560.35, the stock quickly rose to Rs 588.35, the upper price band, on the BSE.
This follows a similar 5% surge in the previous session, attributed to Adani Power’s announcement regarding Reliance Industries, led by Mukesh Ambani, acquiring a 26% stake in a Madhya Pradesh power project owned by Gautam Adani.
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Additionally, a pact was signed allowing Reliance Industries to utilize 500 MW of electricity from the plants for captive use.
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