Stocks

Adani Power trips nearly 8%

BL Internet Desk Aug 7 | Updated on August 07, 2018 Published on August 07, 2018

Shares of Adani Power Ltd plunged 7.7 per cent to Rs 30.45, their lowest since July 31 on weak results. Gautam Adani-led Adani Power’s net loss for the first quarter ended June 30 widened over 80 per cent to Rs 825 crore, against Rs 453 crore in the year-ago period.

The company’s consolidated total income for the quarter declined by around 30 per cent to Rs 3,959 crore (Rs 5,601 crore) due to a sharp fall in its plant load factor. The average PLF achieved during the first quarter of FY19 was 38 per cent, compared with 63 per cent in Q1 FY18.

About 3 of 8 brokerages have rated the stock “hold”, and 5 “sell” or lower; their median price target is Rs 23, according to Thomson Reuters data. Adani Power stock had fallen 20.8 per cent this year as of last close.

(With inputs from Reuters)

Published on August 07, 2018
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