Shares of Adani Energy Solutions Limited, earlier known as Adani Transmission, saw a 6% jump on August 18, 2023, the company entered into definitive documents with Megha Engineering & Infrastructures Ltd for the acquisition of KPS 1 Transmission Ltd.

The proposal was approved by the company's committee of the board of directors at its meeting held on Thursday. The KPS1 project includes the implementation of KPS1-Khavda PS GIS (KPS2) 765 kV double circuit line and the augmentation of Khavda PS1, the company adds.

In another development related to the group, reports also suggested that Abu Dhabi National Energy Co. PJSC (TAQA) was eying a stake in Adani's power business, though the company later denied it.

"In this regard, we wish to clarify that the Company is not engaged in any discussion with Abu Dhabi National Energy Co. PJSC (TAQA), for their investment in the Company," the Adani group company says in a statement.

The company stock, meanwhile, surged to an intra-day high of ₹894.35 after opening the gap up at 822.05 on the BSE. However, the stock still trades way below the 52-week high of ₹4,238.55 achieved on September 16, 2022.

At the current share price, the Adani Transmission m-cap stands at ₹97,192.88 crore. The scrip has seen 6.19% and 11.70% jump in the past week and month, respectively.

Additionally, Adani Energy Solutions on August 7 had announced the successful financial closure of its $1 billion Green HVDC link project, which will supply more renewable power to the Mumbai grid.

The credit facility was part of the $700 million revolving project finance facility tied up in October 2021 for its under-construction transmission assets portfolio. 

Adani Energy Solutions Ltd (AESL) is the transmission and distribution business arm of the Adani portfolio, which has a presence across 14 states and a cumulative transmission network of 19,778 circuit kilometres. 

AESL also operates a distribution utility serving over 12 million consumers in Mumbai City and Mundra SEZ. 

The company had reported an 8% rise in Q1 profit at ₹182 crore on a year-on-year basis, while its consolidated revenue witnessed double-digit growth of 19% to ₹3,622 crore as compared to ₹3,049 crore in the year-ago period. The consolidated EBITDA increased to ₹1,378 Cr in the first quarter, a 4% YoY increase.

As per the company, its Q1 PAT in the transmission business declined due to a higher tax outgo of ₹65 crore on dividend income at the parent AESL level, whereas distribution PAT was ₹20 crore in the current quarter.

Adani Transmission's name was changed to Adani Energy Solutions on July 27, 2023. The company says the new name paves the way to tap huge opportunities in smart metering, district cooling solutions, and other energy solutions while maintaining its position in the transmission and distribution sectors.