Gautam Adani Group‘s transmission company Adani Transmission, which overtook fast-moving consumer goods (FMCG) firm ITC in the market capitalisation (m-cap) ranking, hit a new BSE high in intraday trading on Wednesday.

Exchange data showed that with a market capitalisation of Rs 3.88 trillion as of 10:23 am, Adani Transmission ranked 12th in the overall market capitalisation ranking of BSE-listed companies. ITC fell to 13th place with a market capitalisation of Rs 3.77 trillion.

Shares of Adani Transmission hit a new high of Rs 3,529.35 as they rose 3% in intraday trade on BSE ahead of today’s April-June quarter (Q1FY23) results.

Adani Transmission rose 16% over the past week, while the S&P BSE Sensex rose 3.9%. On the other hand, ITC rose 0.38%, while Bharti Airtel gained 2% over the same period.

Shares of Adani Transmission have surged 45% in the past month. The stock has surged 73% in the past six months, while Sensex has lost 1.4%. Additionally, the stock has surged nearly 280% over the past year, compared with the benchmark’s 8% gain.

Adani Transmission (ATL) is the transmission and distribution business unit of Adani Group, one of India’s largest business groups. ATL is the largest private power transmission company in China, with a cumulative power transmission network of about 18,795 cubic kilometres, of which about 14,279 cubic kilometres have been put into operation, and about 4,436 cubic kilometres are in different stages of construction. ATL also operates a distribution business in Mumbai, serving over 3 million customers.

The company said in its FY22 annual report that the Indian government is exploring the passage of draft amendments to the Electricity Act to de-license the electricity distribution business to enhance competition and consumer choice, creating attractive opportunities for flexible businesses.

ATL intends to use the experience gained from the Mumbai distribution network and services to enter the distribution business in major cities and regions. The company intends to become a leading national distribution company, providing reliable and competitive supply through an innovative service platform.

In addition, the Indian and state governments have taken several initiatives to promote the adoption of electric vehicles. Adani Electricity Mumbai Limited (AEML) will promote the use of electric vehicles and charging infrastructure. The company stated that AEML intends to facilitate the development of charging infrastructure through partnerships with bicycle operators (startups), taxi aggregators and fleet operators.