This stock of Adani became a rocket as soon as the market opened, Yogi Adityanath got a big contract in UP

New Delhi: Adani Power shares saw a rise of 7% on Monday amidst a boom in the stock market. The stock of this company of Adani Group reached Rs 552 during trading on BSE. At 11.30 am, it was trading at Rs 544.80 with a gain of 6.10%. The company has got the work of setting up a new power plant in Uttar Pradesh. 1,500 MW electricity will be given to Uttar Pradesh from this plant. The project will invest about $ 2 billion. The Uttar Pradesh government has already approved this project.

Adani Power UP company will make a long -term agreement with Uttar Pradesh Power Corporation Limited (UPPCL). The agreement will be held under the letter of award (LOA) received on Saturday. Adani Power is the largest private thermal power producing company in the country. The company has won the contract to supply Rs 1,500 MW (NET) thermal power at the rate of Rs 5.383 per unit. This electricity will be built from a new plant of 2 × 800 mW (1,500 mw net). This plant will be built under design, build, finance, on and DBFOO (DBFOO) model.

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Where will the price go

The CEO of Adani Power said that we are happy to win the contract to supply 1,500 MW power to Uttar Pradesh. We are happy to help fulfilling the demand for increasing electricity in Uttar Pradesh. We will set up a modern and low pollution plant. Our goal is to start the power supply of reliable and good quality by 2030. The company will invest $ 2 billion in the plant and its surrounding structure. This project will provide direct and indirect employment to 8,000–9,000 people during construction. After the start of the plant, 2,000 people will get jobs.

According to the trendline data, the average target price of Adani Power’s stock is Rs 634. This means that the current market price may increase by 24%. Three analysts have advised to buy this stock. On Friday, Adani Power shares fell 1.26% in BSE to close at Rs 513.5. In the last 12 months, this stock has gone down 16% but has gone up 114% in the last two years. The company’s market capitalization is around two lakh crore rupees.