Adani Power shares moved up nearly 3% in early trade on Tuesday after Jefferies initiated coverage on the stock with a ‘Buy’ rating and a target price of ₹690. The brokerage highlighted the company’s ongoing capacity expansion, backed by a stable balance sheet. As of 9:34 AM, the shares were trading 0.62% higher at Rs 600.85.
Jefferies noted that the risk profile of the company is gradually improving as more of its upcoming capacity is being tied to profitable power purchase agreements (PPAs). It also pointed to timely progress in project execution, supported by coordination with BHEL for equipment delivery and in-house management of capital expenditure.
The report also mentioned that recent payments from Bangladesh help address concerns around receivables from overseas operations.
During the session, the stock opened at ₹603.50, touched a high of ₹615.00 and a low of ₹599.30. Over the past year, it has traded between ₹432.00 and ₹752.90.
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