Shares of Adani Power: The Supreme Court has now directed the three Rajasthan-based distribution companies to pay a total of Rs 4,200 crore in compensation to Adani Power within four weeks.
Adani Power has gained more than 14 percent in today’s business. The company has won a compensatory tariff lawsuit in the Supreme Court, which is reflected in today’s stock. Following the Supreme Court ruling on behalf of the company, the wings have matched.
The apex court in its order directed three Rajasthan-based power distribution companies (DISCOMs) to pay arrears of compensatory tariffs to Adani Power. The apex court said the three Rajasthan-based distribution companies had not paid their arrears since their review petitions were rejected earlier this year. As such, he has contempt of court.
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It is noteworthy that these three organizations filed a review petition to review the order which came in 2022. It demanded that the order to pay compensation to Adani Power be reconsidered, but the court rejected the appeal. The apex court has now directed the three Rajasthan-based distribution companies to pay a total of Rs 4,200 crore in damages to Adani Power within four weeks. Please note that some of this payment has been made but it is not clear how much money is owed.
At present, Adani Power’s stock is trading at 122.95, up Rs 11.80 or 10.62 per cent from around 12.25.
Regarding this stock, Srikanth Chauhan of Kotak Securities said that the stock pattern is showing very well in the daily and weekly charts. This stock still shows signs of bullishness. Level 122-125 is an important support for trend-moving traders. If this stock manages to stay above this level, it may see a level of 140-147 rupees.