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Adani Power share price: The stock jumped 5 per cent to hit its upper price band of Rs 588.35. At this price, it has soared 13.90 per cent in three trading days. The scrip was just 0.16 per cent away from its lifetime high of Rs 589.30, a level seen on December 6 last year.
Analysts say a majority of the companies could do well thanks to focus on the infrastructure sector
Reliance Industries (RIL) and Adani Power have signed a 20-year power purchase agreement for 500 MW, marking a rare, strategic collaboration between conglomerates led by two of the countrys wealthiest men.
Mahan Energen has agreed to allot 50 million equity shares of Rs 10 face value each to RIL at par, Reliance said in a regulatory filing. “The proposed investment by the company is in compliance with the provisions of the Electricity Rules, 2005,” it said. RIL did not disclose any specific purpose for signing the power purchase agreement.
Mukesh Ambani's Reliance picks up 26% stake in Adani's Mahan Energen power project