Adani Ports share price jumps over 5% as firm wins bid to supply electricity to Uttar Pradesh; check all details

This is further to the Uttar Pradesh cabinet approving the project earlier this month, a company statement said.

The company will now sign a long-term power supply agreement with Uttar Pradesh Power Corporation Ltd (UPPCL) under the Letter of Award (LoA) received, it stated.

At 10:15 AM, Adani Ports shares were trading at 4.62% at ₹1,366.60 apiece on the National Stock Exchange.

According to the statement, Adani Power, India's largest private sector thermal power generator, on Saturday said it has won a tightly contested bid to supply 1,500 MW (net) of thermal power to Uttar Pradesh.

As part of the contract, the company will supply power at a highly competitive tariff of ₹5.383 per unit from a greenfield 2x800 MW (1500 MW net) ultra-supercritical power plant to be set up under the design, build, finance, own, and operate (DBFOO) model in the state.

“We are happy to have won the competitive bid to supply 1,500 MW power to UP state and feel privileged to play a leading role in meeting the state's rapidly growing power demand. We plan to set up a modern and low-emission ultra-supercritical plant in UP and aim to begin supplying reliable and high-quality power by FY30,” Adani Power Chief Executive Officer S B Khyalia said in the statement.

Khyalia said Adani Power would invest $2 billion in setting up the plant and related infrastructure.

The project is expected to generate direct and indirect employment of 8,000-9,000 during the construction phase and 2,000 once in operation, as per the statement.

Thermal power demand in UP is seen rising by 11,000 MW by 2033-34 owing to factors like industrialisation, urbanisation, and modernisation.

This 1,500 MW order is part of the government's initiative to meet that future demand.

After opening at ₹1,360 apiece, Adani Power shares touched an intraday high of 1,375 and a low of 1,345.50 per share.

Over a month, the stock has jumped over 12%. For a six-month period, since November 12, 2024, it has gained over 2%. Year-to-date, Adani Ports' share price has increased 11.4%.

The firm’s market capitalisation stands at ₹2.94 lakh crore.

Shares of the firm had touched its one-year high of ₹1,621.4 apiece on June 3, 2024, while its 52-week low of ₹995.65 was hit on November 21, 2024.