New Delhi, Aug. 29 -- Shares of Adani Power recovered strongly on Friday, August 29, rebounding nearly 3 percent from their intraday low after the company announced that it had received a Letter of Award (LoA) for a 2,400 MW thermal power project in Bihar. The Adani Group stock, which slipped to a day's low of Rs.583.35, climbed to an intraday high of Rs.600.75 following the announcement.

Adani Power Ltd, India's largest private sector thermal power producer, said it has received an LoA from Bihar State Power Generation Company Ltd. (BSPGCL) for the long-term procurement of electricity over 25 years. The company will supply power from a 2,400 MW (800 MW x 3) greenfield ultra-supercritical plant to be established at Pirpainti in Bhagalpur...