Shares of Adani Transmission Ltd. hit a fresh record high, taking its market capitilisation past Nifty mainstays such as ITC Ltd. and Bharti Airtel Ltd.
The stock gained as much as 3.4% to Rs 3,529.9 apiece, a record high, before ending 2.4% higher for the day. It has surged more than 280% in the past year.
The advances led to its market cap jump to Rs 3.9 lakh crore, overtaking FMCG company ITC's Rs 3.79 lakh crore and telecom operator Bharti Airtel's Rs 3.83 lakh crore.
Separately, the company incorporated a new subsidiary Adani Transmission Step-Two Ltd. on Aug. 2. The new unit is yet to commence business operations and has been set up for transmission, distribution and supply of power and other infrastructure services.
Of the two analysts tracking the company, one each suggest a 'buy' and a 'sell', according to Bloomberg data. The 12-month consensus price target implies a downside of 29.9%.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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