Adani Power shares zoom over 9%

Mumbai, Dec 21: Shares of Adani Power today surged over 9 per cent after the company announced incorporation of a subsidiary, which is expected to push the group's ambitious plans in Jharkhand.

The scrip went up soon after the group informed the stock exchanges that a wholly-owned subsidiary firm, Adani Power (Jharkhand) Ltd, has been incorporated.

The stock zoomed 9.25 per cent to settle at Rs 30.70 on BSE. During the day, it jumped 11 per cent to Rs 31.20. At NSE, shares of the company climbed 9 per cent to Rs 31.40.

In terms of volume, 31.91 lakh shares of the firm changed hands at BSE and over one crore shares were traded at NSE during the day.

"Adani Power Limited (APL) has incorporated a wholly owned subsidiary company Adani Power (Jharkhand) Ltd (APJL) in India, which is registered with the Registrar of Companies, Gujarat, in Ahmedabad on December 18, 2015," the company said in a filing to the BSE.

The company further said APJL, which is yet to commence its business operations, is "incorporated as a wholly-owned subsidiary of the company for its business purpose".

Adani Power is into generation, distribution and supply of power, among others. Adani Group had in June this year said that it is looking to invest Rs 50,000 crore for producing urea, methane, power and substitute natural gas (SNG) in Jharkhand.

An MoU with Adani Group was signed with Jharkhand government earlier this year.

PTI