Adani Power shares surge 5% in morning trade

NEW DELHI: Shares of Adani Power on Wednesday were trading at Rs 303.50 a piece, which is a surge of 5 per cent over the previous close, the stock exchanges showed in the morning trade. In the past five days, Adani Power's shares have gone up 9.21 per cent.

In a span of six months, the shares of Adani Power went up 12.30 per cent.

Adani Enterprises has surged more than 113 per cent after it became the second group firm to join the NSE Nifty 50 Index. According to the stock exchanges, the ports-to-power conglomerate saw at least two of seven listed companies more than double in value this year.

Adani Power also benefitted as there was a jump in demand for electricity.

The Competition Commission of India (CCI) on September 29 had approved the acquisition of 100 per cent share capital of Diliigent Power and DB Power by Adani Power.

The proposed combination involves the acquisition of 100 per cent of the share capital and economic rights of Diliigent Power and DB Power Limited by Adani Power Limited, the CCI said in a statement.

Diliigent Power is primarily engaged in the activities of a holding company. It also provides project management and consultancy services, limited to DB Power.