Adani Power gains as India Ratings upgrades its term loan, working capital facilities to `AA/Stable`
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Adani Power is currently trading at Rs. 529.50, up by 2.90 points or 0.55% from its previous closing of Rs. 526.60 on the BSE.
The scrip opened at Rs. 532.75 and has touched a high and low of Rs. 537.50 and Rs. 525.85 respectively. So far 158887 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 896.75 on 03-Jun-2024 and a 52 week low of Rs. 380.10 on 23-Nov-2023.
Last one week high and low of the scrip stood at Rs. 598.00 and Rs. 525.20 respectively. The current market cap of the company is Rs. 205208.44 crore.
The promoters holding in the company stood at 74.96%, while Institutions and Non-Institutions held 14.19% and 10.85% respectively.
India Ratings has upgraded the long-term credit rating assigned to the term loan and working capital facilities of Adani Power from ‘AA-/Stable’ to ‘AA/Stable’. It has also affirmed the credit rating assigned to short term facilities of the Company at ‘A1+’.
The rating agency attributes the rating upgrade to the successful acquisition of additional 2.3 GW capacities, risk mitigation measures available under specific power supply contracts, continuing EBITDA generation from long/medium term power supply contracts and merchant sales, and debt levels remaining comfortable.
Adani Power is engaged in the business of generation, accumulation, distribution and supply of power and to generally deal in electricity and to explore, develop, generate, accumulate, supply and distribute or to deal in other forms of energy from any source whatsoever.
