The stock of Adani Transmission plunged more than 3 percent in Monday's trade ahead of the Adani Group company's March quarter (Q4FY23) earnings today. The script was trading 2.36 lower at Rs 830 apiece on the NSE at around 12:30 pm. The stock fell 4 percent in the last five days, while it was down 67 percent on a year-to-date basis.

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The Q4FY23 results will be followed by a conference call with the management of Adani Transmission to discuss the company's financial results. Adani Transmission MD Anil Sardana, CEO Bimal Dayal, CFO Rohit Soni and other top officials will be present on the call.

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Adani Transmission and the conglomerate's flagship, Adani Enterprises recently announced that they would raise funds totalling Rs 21,000 crore through the qualified institutional placement (QIP) route. While Adani Enterprises said it will raise Rs 12,500 crore, Adani Transmission would raise Rs 8,500 crore.

A QIP is a capital-raising method, which can be adopted by a publicly-traded company, wherein it can issue equity shares, fully and partially convertible debentures, or any other security convertible into equity shares other than warrants. A QIP, unlike an IPO, is limited to institutions or qualified institutional buyers.

Adani Transmission had posted a 73 percent year-on-year jump in consolidated net profit at Rs 478 crore for the December quarter, aided by a one-time income of Rs 240 crore from a regulatory order, while the company's revenue rose 16 per cent to Rs 3,037 crore in the December quarter.

On Adani Group stocks, domestic brokerage ICICI Direct said, "Adani Group stocks are back in the limelight on the back of multiple reasons, exhibiting significant strength. We expect stock prices to continue their positive momentum in coming sessions as well."

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Adani Transmission is the transmission and distribution business arm of the Adani Portfolio. ATL is the country’s largest private transmission company, with a presence across 13 states of India and a cumulative transmission network of 18,795 ckm, out of which 15,371 ckm are operational and 3,424 ckm are at various stages of construction. ATL also operates a distribution business, serving more than 12 million consumers in Mumbai and Mundra SEZ.