Shares of Adani Energy Solutions Limited (AESL) were under stress for the second straight session on Thursday, in sync with the broader market. The Adani group stock has fallen in five out of the last six sessions and lost over 5% during the same period.
Early today, Adani Energy shares opened marginally higher at ₹766.60, against the previous closing price of ₹764.30 on the BSE, after the company said that it has fully commissioned 765 KV Warora-Kurnool transmission line. However, the stock soon lost momentum and dropped 1.1% to hit an intraday low of ₹755.75.
At the time of reporting, AESL shares were trading at ₹757.15, down 0.94%, while the market capitalisation stood at ₹84,459 crore.
At the current price level, the largecap stock trades 77% lower than its 52-week high of ₹3,385.30 on November 11, 2023. It hit a 52-week low of ₹630 on March 1, 2023, following the release of an adverse report by the U.S.-based short seller Hinderburg Research.
Adani Energy Solutions, formerly known as Adani Transmission, on Thursday said it has inaugurated the Warora-Kurnool Transmission Line, a colossal project covering 1,756 circuit kilometers across Maharashtra, Telangana, and Andhra Pradesh.
“The project will strengthen the national grid to ensure seamless power flow of 4,500 MW between Western region and Southern region. It will strengthen southern region grid and support large-scale integration of generation from renewable energy sources,” AESL says in a BSE filing today.
The Warora Kurnool Transmission Limited (WKTL) was incorporated in April, 2015, to establish an additional inter-regional alternate current link for import into southern region, i.e., Warora-Warangal and Chilakaluripeta-Hyderabad-Kurnool, along with the creation of a 765/400 kV sub-station in Warangal.
WKTL is the largest 765 kV D/C (Hexa conductor) TBCB (tariff-based competitive bidding) project ever awarded under a single scheme. It involved the laying of an 1,756 ckm transmission line traversing across Maharashtra, Telangana and Andhra Pradesh and the construction of 765 KV sub-station in Warangal on a build, own, operate and maintain basis. This was awarded on a tariff-based competitive bid (TBCB) to Essel InfraProjects Ltd in early 2016 and subsequently acquired by AESL in March, 2021 following the stressed debt restructuring undertaken by lenders.
As per the company, a total of 1,03,000 metric tonnes (MT) of steel was used for erecting the towers, which was equal to the amount of material that would be needed to set up 10 Eiffel Towers. A total of 30,154 km of conductor was used for the transmission line which is comparable to make three rounds of the moon.
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