Hot stocks today: Benchmark indices were trading on a positive note in early deals today (August 4). Suzlon Energy, Zomato, SBI, IRFC, Adani Power, Reliance Power among hot stocks on Friday, August 4, 2023. Watch this Business Today Visual Story to know more.
The sharp growth in the profit was primarily due to a significant rise in other income. Other income for the quarter surged to Rs 7,103 crore from Rs 1,786 crore a year ago.
Consolidated ebitda stood 41.5% higher at Rs 10,618 Crore, as compared to Rs 7,506 Crore in Q1 FY 2022-23. Ebitda growth was supported mainly by prior period income recognition and incremental contribution of Godda power plant.
Shares of Adani Power hit all-time high today after the Adani Group firm said it would buy DB Power Limited for an enterprise value of Rs 7,017 crore. Adani Power share price touched a record high of Rs 429.65, rising 3.83 per cent to the previous close of Rs 412.20. A total of 13.97 lakh shares of the firm changed hands, amounting to a turnover of Rs 59.32 crore on the BSE. Market cap of the company rose to Rs 1.64 lakh crore on BSE.
Shares of Adani Power have surged over 400 per cent from their 52-week low in less than a year. Adani Power stock, which hit a 52-week low of Rs 69.95 on August 24, 2021, touched a 52-week high of Rs 354 on August 4, 2022, translating into a gain of 406 per cent during the period. An investment of Rs 1 lakh one year ago in the stock would have grown to Rs 5.06 lakh today.