Adani Power shares surged as much as 11 per cent on Monday after the company announced that it has incorporated a wholly-owned subsidiary firm, Adani Power (Jharkhand) Ltd.
At 2.55 pm, the share price of Adani Power was trading 8.72 per cent up at Rs 30.55. The scrip opened at Rs 28 and had touched a high and low of Rs 31.20 and Rs 28, respectively, in trade so far. Later, the share price of the company closed 9.25 per cent up at Rs 30.70.
“Adani Power Limited (APL) has incorporated a wholly owned subsidiary company Adani Power (Jharkhand) Ltd (APJL) in India, which is registered with the Registrar of Companies, Gujarat, in Ahmedabad on December 18, 2015,” the company said in a filing to BSE.
The company further said APJL, which is yet to commence its business operations, is “incorporated as a wholly-owned subsidiary of the company for its business purpose”.
For the quarter ended September 2015, Adani Power reported a consolidated net loss of Rs 369.08 crore, up 53.79 per cent, against net loss of Rs 798.71 crore in the corresponding quarter a year ago. The net loss of Adani Power narrowed in September quarter due to higher sale of electricity.
Adani Power is into generation, distribution and supply of power, among others.