Adani Energy Solutions Ltd. share price soared over 8% in early trade on Tuesday as the power transmission company secured major orders worth Rs 28,455 crore in the third quarter of the current fiscal, significantly boosting its order book, as per provisional business update.
Adani Enterprises and Adani Green also rallied 5.5% and 10% respectively amid a broader rally in Adani Group stocks.
Key wins include the Khavda Phase IV Part-D project in Gujarat valued at Rs 3,455 crore and the Rajasthan Phase III Part-I order with a preliminary project cost of Rs 25,000 crore, marking the company's largest order win to date.
The under-construction project pipeline of Adani Energy Solutions now stands at Rs 54,700 crore, a substantial increase from Rs 17,000 crore at the beginning of the year.
Transmission network length grew 30% on a yearly basis to 26,485 circuit kilometers. Power transmission capacity surged 54% to 84,286 megavolt-amperes.
Adani Energy Solutions share price advanced as much as 8.7% intraday to Rs 748 apiece. The scrip was trading 8.2% higher by 10:25 a.m. The benchmark NSE Nifty 50 was up 0.3%.
All six analysts tracking Adani Energy Solutions have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price target of Rs 1,521 implies a potential upside of 106%.
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