Adani Power Hits Record After Agreeing To Buy DB Power

Shares of Adani Energy Ltd. hit a file excessive after the corporate agreed to purchase DB Energy Ltd. for Rs 7,017 crore from the Bhaskar Group.

DB Energy owns and operates a 1,200 MW thermal plant in Chhattisgarh. The acquisition, topic to regulatory approvals, can be accomplished by Oct. 31, 2022, in accordance with an trade submitting. It might assist the billionaire Gautam Adani’s firm increase its operations within the thermal energy sector within the state, it stated.

Shares of the corporate rose as a lot as 5% to a file excessive of Rs 432.05 apiece as of 12:15 p.m. on Monday. That is the eight straight session of positive aspects. During the last 12 months, the inventory has surged almost 500%.

The buying and selling quantity was twice the 30-day common. The Relative Power Index of the inventory was 86, suggesting it could be ‘overbought’.