New Delhi: Following the publication of the company’s Q1 business update, Adani Transmission increased by 1.88% to Rs 798 today. The Adani Group company disclosed that it had successfully secured three innovative meeting projects during the quarter. The price of Adani Transmission stock has dropped over 70% over the last six months and 2 % over the past month.
The company’s market value is Rs 88012 crore at the current price of Rs 789.05 per share. On September 16, 2022, the stock reached a 52-week high of Rs 4238.55 and on. March 1, 2023, it got a 52-week low of Rs 630
The company reported receiving a letter of award for three intelligent metering projects in Andhra Pradesh comprising 2.7 million smart meters with a contract value of Rs 3700 crore in the first quarter business update. Adani Transmission emphasised that it is well prepared to participate in touching competitions and that its pipeline for near-term transmission and smart meters is still strong.
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 report on January 24, Adani Transmission shares have been trading 81% lower than their record high. In response to the 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 motivated by a bold and mala fide intention to undermine the Group’s reputation, particularly to damage the follow-on public offering from Adani Enterprises, which was the most extensive follow-on public offering ever in India.