Adani Power has registered net loss of Rs 293 crore for the financial year ended March 2012, as against a profit of Rs 523.75 crore in the previous year.
Bears seem to have tighten their grip on three of the Adani Group-owned companies including Adani Power Ltd (APL), Adani Enterprises Ltd (AEL) and Adani Ports and Special Economic Zone Ltd (APSEZ) as their stock prices hit lowest levels of 52 weeks on the
Adani Power has dipped 6% to Rs 48.80, its new low on reporting a net loss of Rs 290 crore for the fourth quarter ended March 2012, due to higher fuel cost. The Adani Group firm had a net profit of Rs 175 crore in the previous year quarter.
Shares of power generation companies have rallied on bourses in morning trades in an otherwise weak market after the Government directed the state-owned coal manufacturer Coal India to sign 20-year fuel supply agreements (FSAs) with power producers
Amid various Union Budget proposals related to the power sector, the full custom duty exemption on coal and reduction in countervailing duty (CVD) from 5% to 1% till March 31, 2014 have been the biggest positives.
Shares of power generation companies extended their rally for the third day in a row after the Prime Minister has approved suggestions made by the Secretary level Committee for solving the issue of coal deficit faced by power sector.
Adani Power has dipped 7% to Rs 76.20 on reporting a net loss of Rs 358 crore for the third quarter ended December 2011, as against a net profit of 109 crore in the same period a year ago.
Adani Power Ltd, subsidiary of Adani Enterprises Ltd, on Monday reported a loss of Rs 358 crore in the quater ending December 31, 2011, against a profit of Rs 109 crore in the corresponding period a year ago.
Adani Power has posted a net loss of Rs 358 crore for the quarter ended December 31, 2011 as compared to net profit of Rs 109 crore in the corresponding quarter last year. The company has attributed the loss to coal cost increase which hiked its expenses.
Last week, Adani Power announced it was putting off its 6,500-Mw expansion plan, on short coal supply. The stock, which has dropped 50 per cent in the past year, touched a 52-week low of Rs 59.4, but has now recovered subsequently.
Prime Minister Manmohan Singh may meet, by this month-end, the country’s leading power producers in an attempt to address the troubles of the distressed sector, official sources said on Tuesday.
Adani Power has slipped 6% to Rs 63.20, a historic low, after the company said that it was putting capacity expansion projects of 6,500 Mw on hold due to uncertainties on supply of coal.
Adani Power on Tuesday said it was putting on hold capacity expansion projects of 6,500 Mw due to uncertainty on supply of coal. This massive capacity addition plan involved an investment of Rs 30,000 crore.
Utility Adani Power has put on hold its capacity expansion plans for 6,500 megawatt due to lack of clarity on coal supplies, Chief Executive Officer Ravi Sharma said on Tuesday.
