Adani Energy Solutions shines as its arm investing over Rs 2,000 crore to build two new transmissions lines
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Adani Energy Solutions is currently trading at Rs. 909.30, up by 38.00 points or 4.36% from its previous closing of Rs. 871.30 on the BSE.
The scrip opened at Rs. 872.05 and has touched a high and low of Rs. 921.00 and Rs. 872.05 respectively. So far 116032 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 4238.55 on 16-Sep-2022 and a 52 week low of Rs. 630.00 on 01-Mar-2023.
Last one week high and low of the scrip stood at Rs. 921.00 and Rs. 791.00 respectively. The current market cap of the company is Rs. 101448.48 crore.
The promoters holding in the company stood at 68.28%, while Institutions and Non-Institutions held 23.47% and 8.25% respectively.
Adani Energy Solutions’ wholly owned subsidiary -- Adani Electricity Mumbai is investing over Rs 2,000 crore to build two new transmissions lines in the city to strengthen its network as it moves closer to go more green by sourcing as much as 60 per cent of the energy needed for the city from renewables by 2027. The two new transmission lines comprise the 84 ckm Kharghar (in Navi Mumbai) Vikhroli line in the northeastern suburb of the megalopolis and the Thane-Aarey Colony line. The Vikhroli line will be ready by 2025.
The company has made rapid strides in improving the supply of green energy to the city where it serves more than 34 lakh customers or 6 per cent of the total consumers of the city, by increasing the supply of solar and wind power by 10 times in the past three years to 30 per cent now from only 3 per cent when three years ago.
The transmission lines project involves developing the city's first-ever 400 kV substation facility. The Kharghar-Vikhroli project comprises 34 km of 400 kV and 220 kV transmission lines, including a 400kV substation at Vikhroli. This project is critical to the city as the existing capacity of the transmission corridor is not sufficient to carry further power into the city. This project would enable additional power of 1000 mw to be brought into Mumbai and would thus help in meeting the future demand of the city. Adani received the licence for the project in December 2019.
Adani Energy Solutions (formerly known as Adani Transmission) is the transmission business arm of the Adani Group, one of India’s largest business conglomerates.
