Adani Power rises to 5-week high as firm returns to profit

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Shares of Adani Power Ltd rose 6.3 percent to ₹51.40, highest since April 25. The company on Wednesday posted a consolidated net profit of ₹635 crore ($90.99 mln), compared with a loss of ₹653 crore a year ago. The company benefited from a tax gain of about ₹741 crore.

The stock of Adani Power was trading higher by 4.13 percent at ₹50.40.

Adani Power, which competes with players like NTPC Ltd , Power Grid Corp of India Ltd and Reliance Power Ltd, saw its best session since May 23. Power Grid Corp posted a near 52 per cent jump in quarterly profit on Wednesday, while NTPC logged a 49 per cent rise in quarterly profit on May 25.

Up to Wednesday’s close, Adani Power’s stock down 5.10 percent this year.

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