Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Adani Power rises 2% on Day 2

A day after listing in the Bombay Stock Exchange, the stocks of Adani Power rose by 2% on Friday to touch 102.20. The stocks of the power company opened with a premium of 5% on Thursday to rise by further 2% during the daytime. Its lowest for yesterday stood at 98.5.

The listing of the stock comes after a successful IPO by Adani Power, which was the first major IPO to hit the Indian markets in a period of 18 months. The Rs. 3016 crore IPO was oversubscribed 22 times. According to analysts, the performance of the stock on Thursday was a bit disappointing as it was expected to generate a premium of 6-10%.

In terms of volume, nearly 1.72 crores of Adani Power shares were traded on Thursday. The current market capitalization of the stock stands at over 22,000 crores. On Friday, the sectoral index for Power stocks was trading 0.75% higher than its previous close.