Adani Energy Solutions Ltd. on Friday secured a power transmission project in Gujarat worth Rs 2,800 crore which will supply energy for manufacturing green hydrogen and green ammonia in Mundra, Gujarat.
The project involves upgrading the Navinal (Mundra) electrical substation by adding two large 765/400 kilovolt transformers. Additionally, a 75 kilometre long 765 kV double-circuit line will be constructed to connect this substation to the Bhuj substation.
TIt will also see the addition of 150 cKM of transmission lines and 3,000 MVA of transformation capacity to Adani Energy's overall transmission infrastructure, taking them to 25,928 cKM and 87,186 MVA, respectively.
The Adani Group company won the project under the tariff-based competitive bidding mechanism. The project will be completed in three years.
The special purpose vehicle was formally transferred to AESL on Thursday.
The Mundra transmission project is Adani Energy's sixth order win this fiscal, taking its orderbook to Rs 57,561 crore.
Adani Energy Share Price Up
Adani Energy Solutions share price advanced 3.9% intraday to Rs 847 apiece. The scrip was trading 3.3% higher by 12:25 p.m. The benchmark NSE Nifty 50 was up 0.9%.
The stock has fallen 17% in the last 12 months and risen 4% on a year-to-date basis. The total traded volume so far in the day stood at xx times its 30-day average. The relative strength index was at 61.
All seven analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price target implies a potential upside of 40%.
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