Adani Green Energy (AGEL), an Adani Group company, is locked in the upper circuit of 5% at Rs 61.20, its highest level since its debut on the bourses on June 18, 2018. The stock has zoomed 125% from Rs 27.15 on June 29, 2018.
Pursuant to the scheme of arrangement between Adani Enterprises Ltd (AEL) and AGEL, renewable power undertaking of AEL has been transferred to and vested in AGEL In consideration of the demerger, AGEL allotted 761 fully paid up equity shares of Rs 10 each of AGEL shall be issued and allotted for every 1000 fully paid up equity shares of Re 1 each held in AEL.
Adani Power up 8% at Rs 31.45, rallied 95%, while Adani Enterprises trading at Rs 193 soared 71% so far in the month.
Shares of agrochemical companies, Excel Crop Care and Punjab Chemicals have rallied 42% and 38%, respectively.
Excel Crop Care had reported a strong 61% year on year (yoy) growth in standalone net profit at Rs 385 million for the first quarter of the financial year 2018-19 (Q1FY19). The company had a profit of Rs 239 million in the same quarter of the financial year 2017-18 (Q1FY18).
Operational revenue during the quarter under review jumped 34.7% yoy at Rs 3,997 million against Rs 2,968 million in the corresponding quarter of previous fiscal. EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin improved 15.8% in Q1FY19 from 13.33% in Q1FY18.
Commenting on the results, Chetan Shah, Managing Director said “ Q1 has been a landmark quarter for the Company. Concerted efforts on the business, strong demand and optimisation of costs led to a sharp growth in the revenues. This was supported by a healthy monsoon expectation and consequent boosting of rural income. These factors have propelled the Company to deliver its best quarter results so far”.
Bank of Baroda was up 1% at Rs 154, extending its Monday’s 10% surge, after the bank on Friday reported a more than two-fold jump in net profit at Rs 5.28 billion for Q1FY19 as provisions for bad loans dropped. The bank had reported a net profit of Rs 2.03 billion in the same quarter of 2017-18. It had reported a net loss of Rs 31.02 billion in last quarter (March 2018).
The stabilisation of asset quality leading to a fall in provisions for bad loans also helped the bank report a robust growth in net profit.