Adani Power shares hit 52-week high on nuclear subsidiary news
Business
Adani Power's shares jumped over 3% to a 52-week high of ₹205.35 on Monday, thanks to its fresh push into nuclear energy.
The buzz started after its subsidiary set up Coastal-Maha Atomic Energy last week, signaling Adani's move to get ahead of rising power needs as temperatures climb.
El Nino raises India electricity demand
With hotter weather predicted because of El Nino (think back to the big demand jumps in 2015 and 2019), India's need for electricity is set to soar.
Analysts say coal plants might have to fill in if hydropower falls short, which puts Adani Power in a strong spot to help keep the lights on (and benefit from higher prices) when demand peaks this summer.