Jaiprakash Power shares soared over 18% on Wednesday, May 27, emerging as one of the most aggressively traded counters on the National Stock Exchange. According to latest reports, the stock recorded gains for the fifth consecutive day, with more than 65 crore shares changing hands during the session. The scrip advanced 18.5% intraday to ₹22.67 apiece, significantly outperforming the benchmark Nifty 50 which was up just 0.10%. The stock was trading 16.8% higher at around 12 noon during the session, with market activity remaining significantly higher than average daily volumes as traders reacted to developments related to the Adani Group transaction.
As reported by Essential Business Intelligence, Adani Power Limited has acquired a 24% stake in Jaiprakash Power for ₹2,993.5 crore. The transaction involves the transfer of 24% shareholding held by Jaiprakash Associates Limited (JAL) to Adani Power Limited (APL). According to the exchange filing, the definitive agreement between JAL and APL was executed to implement the resolution plan approved in the insolvency process of Jaiprakash Associates Limited. The proposed acquisition is expected to strengthen Adani Power's presence in the power generation segment while providing operational support to Jaiprakash Power Ventures.
The stock has witnessed strong momentum over the past two months, with JP Power gaining more than 40% in April and rising over 13% so far in May. As per market reports, JP Power has been one of the stronger-performing mid-cap power stocks in recent weeks, supported by improved market sentiment around infrastructure and energy companies. The sustained rally, coupled with unusually high traded volumes, has placed it among the most closely tracked counters in the power sector this month. The development has also renewed investor interest in the stock after an extended period of subdued trading activity earlier this year.
As reported by Essential Business Intelligence, following the completion of the sale, 24% voting rights that were earlier held by JAL will be transferred to APL. The definitive agreement specifically states that the share sale and purchase agreement covers the sale of 24% shareholding of the company held by JAL, with the consideration amounting to ₹2,993,59,08,147.6. This transfer of voting rights represents a significant shift in the company's ownership structure and has contributed to the stock's sustained rally in recent sessions.
The broader market sentiment remained cautious amid reports of fresh military activity involving Iran and Israel, with investors also watching ongoing diplomatic talks between the U.S. and Iran through intermediary channels. According to market participants, benchmark indices may continue to remain range-bound until there is greater clarity on geopolitical developments and crude oil price movement. On the technical front, analysts indicated that the Nifty 50 faces immediate resistance in the 24,100–24,200 zone, while support is seen near the 23,900 mark. Investors are expected to continue monitoring further updates related to the stake acquisition process and company-level developments in the coming sessions.
