Adani Group Wins Major Power Supply Contract for Maharashtra: Stocks Surge

Adani Group's bid to supply 6,600 MW of renewable and thermal power to Maharashtra boosts shares of Adani Power and Adani Green Energy. Adani Power's bid was lower than current procurement costs, ensuring competitive pricing and future energy needs. Supplies will begin within 48 months.

Shares of Adani Power spiked nearly 8 percent on Monday after the Adani Group secured a significant contract to deliver 6,600 MW of combined renewable and thermal energy to Maharashtra. The group's bid, priced at Rs 4.08 per unit, outperformed competitors JSW Energy and Torrent Power.

The stock climbed 7.53 percent to Rs 681.30 on the BSE, while at the NSE, it increased by 7.59 percent to Rs 681.55. Similarly, shares of Adani Green Energy saw a rise of 7.39 percent to Rs 1,920 on the BSE and 7.25 percent to Rs 1,918 on the NSE.

Adani Power's long-term 25-year bid, costing almost a rupee less than Maharashtra's current electricity procurement rates, is set to fulfill the state's future energy needs. Initial supplies are scheduled to commence within 48 months from the date of the letter of intent. Adani Green Energy will provide 5 GW of solar power from the Khavda renewable energy park in Gujarat, while Adani Power will contribute 1,496 MW of thermal power from a new 1,600 MW ultra-supercritical capacity.

(With inputs from agencies.)