Adani Transmission Stock Surges 2% as it Secures Three Smart Metering Projects in Q1

Adani Transmission's stock rose by 1.88% to Rs 798 today after the company released its Q1 business update. The update revealed that the firm successfully secured three smart metering projects during the quarter. However, in the last month, the Adani Transmission stock fell by 2%, and over the past six months, it declined by more than 70%.

At the current price of Rs 789.05 per share, the company's market capitalization stands at Rs 88,012 crore. The stock's 52-week high was Rs 4,238.55 on September 16, 2022, and the 52-week low was Rs 630 on March 1, 2023.

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THE Q1 UPDATE

In the Q1 update, Adani Transmission mentioned receiving a letter of award for three smart metering projects in Andhra Pradesh, totaling 2.7 million smart meters, with a contract value of Rs 3,700 crore. The company expressed confidence in its robust near-term transmission and smart metering pipeline and readiness to participate in upcoming tenders.

Additionally, the company highlighted its achievement of maintaining system availability of over 99.8% in Q1 and adding 550 km to its operational network during the quarter, bringing the total network to 19,778 km.

Adani Transmission's stock has faced challenges due to weakened sentiment around Adani Group stocks following the Hindenburg report's release on January 24. The company and the group denounced the report as maliciously mischievous and unresearched, stating that it had a negative impact on the group, its shareholders, and investors. The Adani Group believed that the report's timing was motivated to undermine the group's reputation, particularly impacting the follow-on public offering from Adani Enterprises, which was the largest follow-on public offering in India.