By Yifan Wang


Adani Transmission Ltd.'s shares are higher in early trading after the Indian utilities company posted a jump in its quarterly profit, helping shares recover some ground after a massive selloff in recent weeks.

The stock gained 5.0% early Tuesday to 1,324.45 rupees, trimming its year-to-date losses to 49%. A higher close would mark its first share-price gain after four straight sessions of losses.

Adani Transmission late Monday said its profit for the October-December quarter jumped 78% on year to 4.74 billion rupees ($57.28 million), helped by higher revenue and a one-off gain of INR2.40 billion after the company won a regulatory order relating to interest paid in prior years.

Revenue from its main generation, transmission and distribution business rose 25% on year to INR32.8 billion.

Tuesday's share gains were a small respite, with the stock down about 50% since U.S. short seller Hindenburg Research published a scathing report on the Adani Group on Jan. 24. The group, controlled by billionaire Gautam Adani, has denied any wrongdoing.

Several other Adani companies also gained Tuesday, helped by the group's announcement Monday that it plans to prepay a $1.1 billion loan that was backed by shares of some of its companies. Flagship company Adani Enterprises Ltd. was up 14% while Adani Ports & Special Economic Zone Ltd. gained 7.3%.

Adani Power Ltd. and Adani Total Gas Ltd. dropped 3.9% and 5.0%, respectively.

Several other Adani companies are due to release their quarterly results this week.


Write to Yifan Wang at yifan.wang@wsj.com


(END) Dow Jones Newswires

02-07-23 0106ET