Adani Transmission will acquire assets of Essel Group for Rs. 3,370 crores:
Adani Transmission: It is one of the largest electric power transmission companies in India located in Ahmedabad. Whereas the company operates in a cumulative network of 12,200 circuit kilometers and more than 3,200 circuit kilometers under various stages of construction. However, the company works under the subsidiary of Adani Group. The company provides services in Electricity transmission and distribution. The present chief executive officer (CEO) of the company is Anil Kumar Sardana.
Meanwhile, on Saturday, the company announced the acquisition of Warora-Kurnool Transmission (WKTL), a wholly-owned subsidiary of Essel Infraprojects (EIL) for Rs. 3,370 crores. After this acquisition, the companies total portfolio reached 17,200 circuit km (ckt km). In that, almost 12,350 ckt km is operational, and the remaining 4,850 ckt km is in various stakes of execution.
This strategic deal completes the presence of ATL in all regions of the country. This asset will not only increase ATL’s size and scale but will also take ATL closer to its target of setting up 20,000 ckt km of transmission lines by 2022, said Anil Kumar Sardana, managing director (MD) and chief executive officer (CEO) of ATL.
Whereas the company received approvals for substitution of awardee contract from the Central Electricity Regulatory Commission. However, the company requires other regulatory approvals before the completion of the deal.
While Warora-Kurnool Transmission will develop, operate, and maintain transmission lines totaling 1,750 ckt km. In that, almost 765 kV inter-state transmission line links to Warora-Warangal and Chilakaluripeta-Hyderabad and Kurnool.
However, the shares of Adani Transmission Limited on Friday reported a bullish trend in the stock market. It gained 36.70 points with a 4.40% increase and reached 871.40 INR. While in BSE, the company gained 35.45 points with a 4.25% increase and reached 869.00 INR.
Stock Market on March 26th:
On Friday, both Sensex and Nifty reported a bullish trend in the stock market after bearish reports in the last two sessions of the market. The Sensex is trading above 49,000 levels and nifty trading above 14,400 levels in the stock market. The Sensex gained 568.38 points with a 1.17% increase and reached 49,008.50 levels. While the nifty gained 182.40 points with a 1.27% increase and reached 14,507.30 levels.
On the other side, the number of coronavirus cases in India on Monday, March 29th reached 1,20,39,644 with almost 1,61,843 deaths.
In the border markets, the S&P BSE SmallCap index reported a bullish trend in the stock market on Friday. It gained 216.90 points with a 1.08% increase and reached 20,278.96 levels. But, the S&P BSE MidCap gained 326.48 points with a 1.66% increase and reached a 19,970.37 level. While the Nifty Bank gained 311.75 points with a 0.94% increase and reached 33,318.20 level.
Top Gainers on March 26th: Tata Steel, Bajaj Finserv, Asian Paints, Hindalco Industries, and Tata Motors are the top gainers in today’s stock market.
Top Losers on March 26th: UPL, Power Grid Corporation, Eicher Motors, IndusInd Bank, and ITC are the top losers in today’s stock market.