Adani Transmission Share News: Block Deal before Market Close Leads to 5% Circuit
Adani Transmission has been struggling to recover its share value, with a 70% drop from January to June this year. The share value continued to fall, with a 60% drop from June 2022 to June 2023. However, over the past three years, the share value has provided a return of 355%.
In recent news, a block deal of 15.34 lakh shares was made before the market close, worth INR 128.3 crores. The deal represents 0.16% of the total equity shareholding of the company. Following the news, the share value rose by 5%, hitting the upper circuit limit of INR 834.35 per share.
Quarterly Results Shows Positive Growth
Amidst the struggling share value, Adani Transmission’s quarterly results showed a positive growth trend. The company’s profit increased from INR 230 crores to INR 389.4 crores in the January-March quarter of the current financial year, marking a 70% growth in profits.
Overall, Adani Transmission’s recent block deal and quarterly results show both positives and negatives. The block deal before the market close has brought new attention to the company’s shares, while the quarterly results show positive growth. However, the company’s share value continues to struggle, with a significant drop earlier this year.
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