One deal and Gautam Adani hits the jackpot, two shares gain significantly, Adani becomes richer Rs 41000 crore in just....

 

Shares of Adani Green Energy witnessed a substantial hike of 7.39 percent, landing at Rs 1,920 on the BSE. Similarly, on NSE, they saw a surge of 7.25 percent, making their way to Rs 1,918.

Business titan Gautam Adani has landed a major deal, which has sent shockwaves throughout the business world. Adani's firm has brokered a sizeable agreement with the government of Maharashtra. In a ground breaking development, a branch of his empire, Adani Power, will now supply Maharashtra with both renewable and traditional energy for a solid quarter of a century

The deal announcement kicked off a positive week for Adani's stocks. On Monday, the Adani shares experienced an impressive boost. Getting into details, Adani Power and Adani Green Energy saw their values rise by up to 8 percent, meaning a combined, cumulative leap of 41 thousand crores in just a few hours.

After the Adani Group secured a long-term agreement to deliver a whopping 6,600 MW of renewable and thermal power in Maharashtra, Adani Power's stock shot up by nearly 8% this Monday. With an attractively competitive bid of only Rs 4.08 per unit, they managed to outpace other market contenders like JSW Energy and Torrent Power. This consequently led to a significant 7.53% uptick in Adani Power's stock on the BSE, reaching a staunched Rs 681.30, while on the NSE, it nudged even higher by 7.59%, clocking in at Rs 681.55.

Shares of Adani Green Energy witnessed a substantial hike of 7.39 percent, landing at Rs 1,920 on the BSE. Similarly, on NSE, they saw a surge of 7.25 percent, making their way to Rs 1,918. Inside sources suggested that Adani Power's venture to provide both renewable and thermal energy for a quarter of a century stands at about a rupee cheaper than the ongoing electricity buying rate in Maharashtra. Such a strategy is anticipated to be a significant contribution towards the state's upcoming energy requirements

At the NSE, it soared 5.45 per cent to finish at Rs 668. Intra-day, the stock jumped 7.59 per cent to Rs 681.55. Shares of Adani Green Energy also soared 7.67 per cent to settle at Rs 1,925 on the BSE. During the day, it zoomed 8.51 per cent to Rs 1,940.

At the NSE, it rallied 7.59 per cent to Rs 1,924. Intra-day, it went up by 8.58 per cent to Rs 1,941.65

Adani Power's bid for the bundled renewable and thermal energy supply for 25 years was almost a rupee lower than the cost at which Maharashtra currently procures electricity and will help meet future electricity requirements of the state, two sources with direct knowledge of the matter said.

Supplies are to start in 48 months from the date of award of the letter of intent.

While Adani Power will supply 1,496 MW (net) thermal power from the new 1,600 MW ultra-supercritical capacity, its sister concern Adani Green Energy Ltd will supply 5 GW (5,000 MW) solar power from the Khavda renewable energy park in the Kutch district of Gujarat.