On Wednessday’s session, the shares of PTC India Ltd reached an upper circuit of 4.96% at Rs 96.30 levels. Following news that Gautam Adani is considering purchasing a stake in the small-cap power trading firm, the shares increased in value, according to Bloomberg.
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According to sources, the agreement will aid the Adani company in tightening its control over the Indian energy value chain. Through its group firm, Adani Transmission Ltd., the corporation already has a significant position in the coal mining and energy transmission industries.
Its promoters, NTPC, NHPC, Power Grid Corp., and Power Finance Corp., are consulting an advisor to determine whether to sell their around 4% apiece holdings. The article stated that bids must be submitted before the end of this month.
Following allegations that the power trading firm was not abiding by corporate governance standards, the promoters made the share sale announcement. The company’s directors resigned in large numbers as a result of this.
They have lost around 21 percent of their worth annually, most of it occurring in the month after the news’s release. In January 2022, the stock’s 52-week high was Rs 114.90. It is currently 23 percent below those values.
PTC India was a pioneer in establishing a power market in India and engages in trading operations, including both short-term and long-term trading of electricity produced by substantial power plants.